Egyptian FoodTech startup Mumm has just closed a Pre-Series A Bridge Round from Alex Angels. The startup, founded by Waleed Abd El Rahman in 2015, is an online marketplace that delivers homemade food to individual customers as well as businesses.
Commenting on the deal, Tarek Nasr, Deal Lead Investor of Alex Angels, said: “As we continue to close more deals this year, we believe that the current situation that 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 and generate income while at home. Although 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, we believe Mumm is well situated to strive.”
Initially launched as an online marketplace for customers to access nutritious, affordable and delicious homemade food conveniently, Mumm has grown to become a virtual cafeteria for corporate and SMEs offices, delivering company orders in bulk, thus saving money for employees, and removing the operational hassle of having to provide food for the company.
The startup had previously raised a seed investment in 2016 from Egyptian VC A15, and later in 2017 closed a $200,000 round from 500 Startups, as part of 500 Startups’ Series A Program accelerator Doha Dojo in Qatar. The startup was also recognized by the World Economic Forum as one of 100 startups disrupting the Middle East.
“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.” said Waleed Abd El Rahman, CEO of Mumm.
Image credit: Startup Scene
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