Tawfeer Market secures $500K seed funding

Fasseeh added that Egypt's online grocery retail market share is still way below global averages

  
Image used for illustrative purpose. Seed funding or seed stage funding is a very early investment which aims at helping a business grow and generating its own capital. Also referred to as seed money or seed capital, investors often get equity stake in exchange for the capital invested.

Image used for illustrative purpose. Seed funding or seed stage funding is a very early investment which aims at helping a business grow and generating its own capital. Also referred to as seed money or seed capital, investors often get equity stake in exchange for the capital invested.

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ArabFinance: Tawfeer Market, the emerging online grocery retail startup, has raised half a million USD closing its seed round with contributions from Alexandria Business Angels Network, the company announced in an emailed press release.

The quick commerce app, which started delivering groceries to customers in 2020, became an established brand in the Alexandrian community.

According to the co-founder and CEO of Tawfeer Market, Ahmad Fasseeh, the grocery retail market is enormous, exceeding $50 billion.

Fasseeh added that Egypt's online grocery retail market share is still way below global averages and even behind other e-commerce sectors in Egypt. The future of online grocery retail in Egypt is expected to grow exponentially, leaving room for many players to fulfill different needs.

Established in 2020, Tawfeer Market is an Online grocery store. It tries to offer the right formula that fulfills consumer needs in the majority of their orders, offering the most commonly ordered 4000 SKUs, including fresh and frozen food at the lowest price within 60 minutes.

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