Appetito, an Egyptian warehouse and last-mile delivery startup, has raised $2 million in a pre-Series A funding round.
Appetito was founded in 2020, and it gets products directly from fast-moving consumer goods (FMCG) manufacturers, stores them in warehouses and dark stores, and then delivers them to customers. Its customers receive their products in less than 60 minutes.
Appetito is able to cut out the middlemen who take a decent margin on sold products thanks to its technology, and give not only a convenient but also an affordable experience to its clients, as the startup competes on pricing because it buys in bulk and sells at retail prices.
Appetito sources all of its products from leading FMCG companies such as Procter & Gamble, Hankin, Reckitt, Coca-Cola, Pepsi, and Kellogg’s, with which it strikes deals and receives their goods and products in its warehouses. The goods are then delivered to the company’s dark stores, of which there are currently seven in Cairo, Egypt’s capital city.
Jedar Capital led the funding round, which also included Golden Palm Investments, DFS Lab, and a group of angel investors and family offices from the region.
Appetito plans to utilize the funds to expand its dark store network and strengthen its product features and technology stack.
Appetito, which has grown its revenue by six times since April, plans to open 150 dark stores in the next three years.