Tawfeer Market, an online grocery retail startup based in Alexandria, Egypt’s second-largest city, has raised a US$500,000 seed round to assist it to continue its rapid expansion.
Tawfeer Market has closed a US$500,000 seed round with donations from the Alexandria Business Angels Network to assist it to continue to grow and expand outside Alexandria.
The company has also recently completed the AUC VLab accelerator program.
According to Ahmad Fasseeh, co-founder and CEO of Tawfeer Business, the grocery retail market is massive, topping $50 billion, but Egypt’s market is still lagging behind.
“The future of online grocery retail in Egypt is predicted to grow at an exponential rate, allowing multiple players to meet a variety of demands.” Consumers shopping for groceries in stores look for three things: variety, convenience, and pricing.
“Tawfeer Market tries to deliver the correct formula that meets consumer needs in the majority of their orders,” Fasseeh said. “We offer the most commonly bought 4,000 SKUs, including fresh and frozen food, at the lowest price within 60 minutes.”
Tawfeer Market, which launched in 2019, allows consumers to search for and purchase groceries via an app, which are then delivered by the company’s fulfillment arm.
So far, the fast commerce software has been downloaded over 100,000 times, with tens of thousands of orders increasing at a consistent two-digit rate month after month.