Egyptian online grocery service, GoodsMart, has secured additional funding from Algebra Ventures ahead of its upcoming Series B round.
Pioneering unattended delivery in the MENA region, GoodsMart offers clients an effortless and hassle-free shopping experience using the GoodsMart box, a sleek app, a wallet system for easy payment, and an efficient delivery model.
According to Tarek Assaad, Algebra Ventures’ Managing Partner, “GoodsMart is a uniquely innovative company with tremendous upside potential. Their customer-centric approach continues to deliver exceptional results. Since we made our first investment, Amr and his team have improved operational efficiency, added key members to the executive team, signed strategic partnerships, and strengthened the company’s technology platform. We’re delighted to continue supporting GoodsMart beyond our initial investment.”
Algebra Ventures invested $750k in GoodsMart’s Series A round in April 2017 and this additional investment will help GoodsMart raise its Series B investment round.
GoodsMart plans to use the acquired investment to further scale its business, upgrade its warehouse facilities, and bolster its operational capabilities.
‘We’re going to use this investment to prepare for the upcoming expansion phase while continuing to maintain awesome client experience,” said Amr Fawzi, GoodsMart’s founder and CEO. “Client happiness is our goal. Every single person on the team works to push client satisfaction to unprecedented levels”
