Egyptian food-tech startup Mumm secures investment from Alex Angels.
Egyptian food-tech startup Mumm has secured an undisclosed investment which is also a pre-Series A funding round from Alexandria Angels.
This funding will help the startup uphold its growth during and after the COVID-19 crisis.
Mumm is an online marketplace that delivers homemade food to individual customers as well as businesses.
The founder of Mumm, Waleed Abd El Rahman said, “The market today needs businesses to be agile more than ever. Given the distributed network of kitchens we have built through the past years, today, we are well situated to grasp the opportunity of increased demand on food delivery whether to consumers today or to offices when teams are back to their work premises in a more optimized capacity. We appreciate the trust given to us by our investors in such unique times”.
Today, Mumm has widened its focus. It has now become a virtual cafeteria that delivers orders in bulk for companies, SMEs, offices, and individuals.
The lead investor of Alex, Tarek Nasr said, “As we continue to close more deals this year, we believe that the current situation the whole world is witnessing, due to the Covid-19, is an opportunity for startups to come up with solutions that can help people maintain their normal life. Even though it is risky for investors to put more cash into seed-stage companies in these times, certain sectors will find opportunities to thrive if they can stay afloat during these tough times and we believe Mumm is well situated to strive .”
The startup which was founded in 2015 has raised seed funding in 2016 from Egyptian VC A15, and later in 2017 closed a US$200,000 round from 500 Startups.
Alexandria Angels was founded in 2016. It engages many individual and corporate investors from the MENA region while helping Its members to invest in early-stage companies with a strong business case, inside and outside of Egypt. The business network also supports entrepreneurs gain access to the right people provides resources to grow their business.