Egyptian E-Grocery Startup Appetito to Expand After Saudi-Led Funding
Appetito has recently entered the race for hyper convenience and investors outside of Egypt are paying attention.
Cairo-based grocery startup, Appetito, has secured a $450K seed funding round raised by a group of Saudi Arabian Angel investors led by Ahmed Al Alola, an early-stage investor, along with Afropreneurs Fund, an African early-stage technology fund, and Jedar Capital, an emerging venture capitalist focused on early stage startups in the Middle East, Africa and Emerging Asia.
Founded in March 2020 by CEO Shehab Mokhtar, Appetito operates on a dark stores model, where products are sourced directly from the manufacturer, stored in fulfillment centers around the country, and then delivered directly to customers. The startup offers an extensive range of private label products to all areas of Cairo, Giza and Alexandria with pre-scheduled and next-day delivery.
“We're proud of what we have achieved in just a few months from our launch,” Mokhtar said. “We're privileged to have such prominent investors backing us. With their support and the team we're building, I'm confident we will be in a leading position in the global race of grocery delivery."
Appetito has recently widened its product portfolio to include more than 1000 SKUs from popular consumer brands and began offering customers deliveries in less than 60 minutes in selected areas, effectively entering the race of hyper-convenient grocery delivery in Egypt.
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