Tawfeer Market, the Egyptian online grocery retail startup, has raised $500,000 seed round with contributions from Alexandria Business Angels Network.
The quick commerce app, which started delivering groceries to customers in 2020, has been downloaded more than 100,000 times in about one year, with tens of thousands of orders growing at a steady two-digit month-over-month growth.
According to the co-founder and CEO of Tawfeer Market, Ahmad Fasseeh, the grocery retail market is enormous, exceeding 50 billion USD. 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. Retail grocery consumers seek three main criteria: variety, convenience, and price. Tawfeer Market tries to offer the right formula that fulfills consumer needs in the majority of their orders, offering the most commonly ordered 4,000 SKUs, including fresh and frozen food, at the lowest price within 60 minutes,” he said.