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Luxor Capital’s first investment in the MENA region, previous investments include the biggest food ordering platforms globally, such as Zomato, Deliveryhero and Glovo
Cairo: elmenus, Egypt’s biggest food discovery and ordering platform, has secured new funding from three new investors, based in the MENA region and North America.
Fawry Group - the renowned digital transformation and e-payment platform – is leading the investment from Egypt. The investment follows Fawry’s new strategy to take minority stakes in fast-growing, Egyptian, technology businesses. As well as investing, Fawry will work closely with elmenus to develop innovative solutions to benefit restaurants and consumers. Also investing is Marakez - a leading Egyptian real estate developer.
Ashraf Sabry, CEO of Fawry, said:
“Fawry is looking forward to its journey with elmenus, working closely with the executive team and entering many ventures together. By this investment, we show our desire to not only be a payment catalyst but to be a strategic partner to elmenus, its customers, restaurants and their riders. The Egyptian food space has high growth potential, with technology disrupting the status quo, as customers’ needs in food service provision rapidly change.”
From North America, investment has also been received from New York-based hedge fund, Luxor Capital Group, which has $11 billion of assets under management. elmenus is its first investment in the MENA region - testament to elmenus’ growth track record and market opportunity in Egypt. Luxor has a long history of successfully investing in food technology companies around the world.
Amir Allam, CEO of elmenus, commented:
“Attracting new investment from Fawry, Luxor Capital and Marakez - following the endorsement of industry veteran, David Buttress, earlier this year - validates elmenus’ unique strategy. We are accelerating the adoption of online ordering by users, while enabling restaurants with new verticals - to help them scale. This funding demonstrates the investors’ strong belief in our position in Egypt, and our capability to dominate the market.”
elmenus - which now has over 1.5 million monthly users - is the most comprehensive platform for restaurant information and food discovery in Egypt, and its aim is to personalize food recommendations at a dish level.
elmenus continues to expand rapidly, and today’s announcement follows the investment and board appointment of David Buttress - the former CEO of global food ordering firm, JustEat - announced earlier this year.
By the end of 2021, elmenus expects to empower 12,000 restaurants with new data and tool offerings to help them scale their businesses, across 20 Egyptian cities. Its cutting-edge digital solutions will also drive its existing database of several million users, to switch to online ordering.
Further information
Thoburns
Jamie Pudge
j.pudge@thoburns.com
About elmenus
elmenus was launched to help people discover and order the food they will love. It is a platform built to answer the daily, existential question, ‘What will I eat today?’.
Having launched online ordering in 2018, and with over 1.5 million monthly users, elmenus has built the most comprehensive platform for restaurant information and food discovery in Egypt - with the aim to personalize food recommendations on the dish level.
elmenus raised a US$1.5 million Series A investment in and US$8 million in a Series B round in 2020, used to take on the underserved online ordering market in Egypt with very rapid success.
© Press Release 2021
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