Egypt’s Tawfeer Market raises $500K SEED Round
Tawfeer raises $500K SEED to join the Egyptian crave for Q-commerce and On-demand Ventures
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Egypt-based online grocery retail startup Tawfeer Market has successfully raised $500K in its latest funding round which recorded the participation of Alexandria Business Angels Networks.
The quick commerce app, which started delivering groceries to customers in 2020, became an established brand in the Alexandrian community. The Tawfeer Market app was downloaded on more than one hundred thousand devices in about one year, with tens of thousands of orders growing at a steady two-digit month-over-month growth. Recently Tawfeer market completed the AUC Vlab accelerator program.
The Q-commerce proposition has been observing a staggering growth in popularity and VC interest over the past few years. As the T&L sector in MENA observes more than 150% YoY growth in funding over 2021 and funding in the E-commerce space increases by more than 200%, ventures are starting to play in both markets simultaneously. Over 2021, sizable funds have been raised by on-demand delivery startups and Q-commerce propositions across MENAPT, even in SEED and Pre-SEED stages. Q-commerce startups design a mix of well-placed dark stores or fulfillment centers and integrate fleet management technologies to dispatch products in short delivery windows ranging from 30 minutes in the case of Pakistan-based Airlift to 10 minutes in many other cases like Pakistan-based Krave Mart or Egypt-based Rabbit and Appetito.
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According to the co-founder and CEO of Tawfeer Market, Ahmad Fasseeh, the grocery retail market is enormous, exceeding 50 billion USD. Egypt's online grocery retail market share is still way below global averages and even behind other e-commerce sectors in Egypt. The future of online grocery retail in Egypt is expected to grow exponentially, leaving room for many players to fulfill different needs. He added that 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 4000 SKUs, including fresh and frozen food at the lowest price within 60 minutes. Here came the name of Tawfeer, meaning savings in Arabic. Co-founder and COO of Tawfeer Market Mohamed Mansour emphasized that Tawfeer Market relies on its fulfillment centers and delivery fleet.
Through this platform-boosting investment, Tawfeer Market will be able to solidify its market proposition and support its various product offerings. Commenting on the scaling potential of the Egypt-based Q-commerce startup, CEO of Halwani Brothers Egypt and Tawfeer Market Board Member Khaled Akl concluded, “Tawfeer Market has managed to deliver on the three must-win battles for e-commerce pure-play providers: availability: by focusing on 4000 core SKUs of any given category (including fresh and frozen food), Tawfeer supplies almost all the needs of the whole spectrum of shoppers; affordability, as the name denotes, Tawfeer doesn't benchmark prices viz a viz competition, to the contrary, they benchmark prices versus the most aggressive retailers & discounters like Carrefour; Accessibility, Tawfeer prides itself for being able to deliver orders within Alexandria within 60 minutes, and you really can't beat them on that.”
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