Egyptian Startup Appetito raises $450k to drive African Expansion
Egypt-based Grocery Delivery Startup Appetito has announced it raised $450,000 in a seed funding round to help drive its expansion across and beyond Egypt. The funding round was led by a group of Saudi Arabian Angel investors under the leadership of Ahmed Al Alola, an early-stage investor supporting early-stage startups in the Middle East, Africa & Emerging Asia.
Appetito was launched in March 2020 by Shehab Mokhtar to store products for businesses and producers and deliver them to customers. Cairo, Giza, and Alexandria were the startup’s primary places of operation as they started with a wide range of private label products.
From its next day and pre-scheduled deliveries, the startup has been able to increase its product portfolio to include over 1000 Stock Keeping Units across Egypt making consumers’ demands available in less than 60 minutes.
Speaking on the fund, Shehab Mokhtar pointed that the startup is proud of what it has achieved in its few months of existence. He also opined that the support from the Angel investors will help Appetito stay in a leading position in the global race of grocery delivery.