The investment came from by three new sources of funding for the food discovery platform.
Egypt’s leading food delivery platform, elmenus, has secured $10 million in a pre-Series C investment round, led by Fawry Group, Egyptian real estate giant Marakez, and New York-based hedge fund Luxor Capital.
The three funders become new sources of investment for elmenus, with Fawry - which is Egypt’s leading investor - taking steps to realise its strategy of obtaining minority stakes in fast-growing Egyptian tech-based businesses. For Luxor Capital, the investment becomes its first in the MENA region.
Amir Allam, CEO of elmenus, declared that “attracting new investment from Fawry, Luxor Capital and Marakez - following the endorsement of industry veteran, David Buttress, earlier this year - validates elmenus’ unique strategy.”
He elaborated by saying that “we are accelerating the adoption of online ordering by users, while enabling restaurants with new verticals - to help them scale. This funding demonstrates the investors’ strong belief in our position in Egypt, and our capability to dominate the market.”
With over 1.5 million monthly users, elmenus continues to refine the direction of its expansion, with the latest board appointment of David Buttress, former CEO of global food delivery company JustEat brought onboard to further guide its growth.
Using state-of-the-art digital solutions to drive its existing base of several million users to switch to online ordering, elmenus aims to use the newly-acquired funds to empower 12,000 restaurants across 20 Egyptian cities by enabling access to new data and tool offerings, ultimately paving the way for them to scale their businesses.