Tawfeer Market, an online grocery retail startup based in Alexandria, Egypt’s second largest city, has raised a US$500,000 seed round to help it continue its rapid expansion.
Tawfeer Market, which launched at the end of 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.
Tawfeer Market has closed a US$500,000 seed round with investments from the Alexandria Business Angels Network to assist it 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 Market, the grocery retail market is enormous, exceeding $50 billion, but Egypt’s market is still lagging behind.
“The future of online grocery retail in Egypt is expected to grow exponentially, leaving room for many players to fulfill different needs. Retail grocery consumers seek three main criteria: variety, convenience, and price. Tawfeer Market tries to offer the right formula that fulfills consumer needs in the majority of their orders, offering the most commonly ordered 4,000 SKUs, including fresh and frozen food, at the lowest price within 60 minutes,” he said.