PHOTO
Uber-backed Careem is investing in a major Egyptian food ordering and delivery start-up that had previously secured multimillion-dollar funding from local and US investors, including venture capitalists.
The investment of undisclosed amount in Elmenus, which serves more than one million users in one of Africa’s most populous states, is an important step for Careem’s plan to roll out a “super app” across the region, said the UAE-based company’s co-founder and CEO Mudassir Sheikha.
“We’ve been very impressed with the Elmenus teams’ drive and purposeful approach to building a successful food business,” Sheikha said.
Elmenus secured last year at least $10 million in funding from several investors, including Egyptian electronic payment platform Fawry, New York-based hedge fund Luxor Capital and Egyptian property developer Marakez. It had previously raised $8 million in a Series B round from Dubai-based Global Ventures and Cairo-based Algebra Ventures.
Founded in 2011, Elmenus connects users to 6,000 restaurants across Egypt.
According to Sheikha, the growth potential for online food delivery in Egypt is vast. Egypt is one of Careem’s largest ride-hailing markets.
“There is an enormous potential in Egypt to improve the food ordering experience and Elmenus is uniquely positioned to lead the way,” said Sheikha.
Egypt’s population reached more than 102 million in 2020, making it one of the most populous countries in the African continent. The country recorded 80 billion pounds ($5 billion) in e-commerce transactions last year.
(Reporting by Cleofe Maceda; editing by Daniel Luiz)
