GoodsMart, online grocery app, secures additional funding from Algebra Ventures

Daily News Egypt
2 Min Read

GoodsMart, the household shopping application, has announced that it has secured additional funding from Algebra Ventures, one Egypt’s leading venture capital funds, ahead of its upcoming Series B round. 

The app pioneers unattended delivery in the MENA region through offering clients an effortless and hassle-free shopping experience using the GoodsMart box, a sleek app, a wallet system for easy payment, and an efficient delivery model.

“Every single person in the team works to push client satisfaction to unprecedented levels. This is clearly reflected in our customer testimonials and organic engagement on social media, and in our cohort retention rates of over 70% a year in,” said GoodsMart’s Founder and CEO, Amr Fawzi.

Algebra Ventures invested $750,000 in GoodsMart’s Series A round in April 2017.

According to Algebra Ventures’ Managing Partner, Tarek Assaad, GoodsMart is a uniquely innovative company with tremendous upside potential, and the team managed to improve the start-up’s operational efficiency following the first round of investment.

“We are delighted to continue supporting GoodsMart beyond our initial investment,” he added.

This investment comes as GoodsMart prepares to raise its Series B investment round. The start-up managed to grow its business three-fold in the last six months, and it plans to use the acquired investment to further scale its business, upgrade its warehouse facilities, and bolster its operational capabilities.

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