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Egyptian Food Discovery Startup, Elmenus Closes $8m Series B Round Led by Global Ventures

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Elmenus

Elmenus, an Egyptian food discovery marketplace has secured $8 million Series B round led by Global Ventures and Algebra Ventures.

Founded in 2011 by Amir Allam, Elmenus is a venture-backed food discovery startup based that serves over 1 Million monthly users. Elmenus is building a platform that combines a social, visual and personalized experience to help people discover and order the food they will love.

It raised a $1.5 million Series A led by Algebra Ventures in 2017.

Elmenus in a statement stated that the online food delivery space in Egypt is a massively untapped market with only 4 per cent of food delivery orders being processed online, for now, and that the main competition is with phone orders.

“Through its AI-powered food recommendation engine and fully automated online ordering platform, Elmenus is well-positioned to disrupt and dominate the online food delivery space,” the statement disclosed.

In the same statement, Alam said: “We believe our success as a startup is a combination of innovatively solving the right user problems, great team and laser-focused execution.

“We have been able to grow the market in Egypt and accomplish great milestones very efficiently, we are excited about what we will do with this additional funding and the support of Global Ventures coming on board as we continue to scale across Egypt and help millions of more users to discover and order the food they will love.”

Basil Moftah, General Partner at Global Ventures, said, “We are incredibly excited to announce Global Ventures’ investment in a leading food-tech startup such as Elmenus, and look forward to working closely with the team in terms of driving further value creation opportunities that result in continued growth.”

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Ziad Mokhtar, the Managing Partner at Algebra Ventures, said, “With their first raise of $1.5M, Elmenus proved our original investment thesis that a strong local player with a broader offering can have disproportionate achievement.

“The company has unique efficiencies and this round could be enough to secure its leadership in the rapidly growing digital market in Egypt.”

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