ON Market, an Egyptian e-grocery market has raised US$215,000 pre-seed financing to expand its operations in Cairo and Alexandria, Tanta and Mansoura, as well as in multiple other cities throughout Egypt.
In Tanta by Moatasem, Seif Yasser and Ahmed Najjar. ON Market grocery retailers are empowered with technology solutions that allow them to grow and sustain online business.
The startup, which graduated from the AUC Venture Lab’s acceleration programme in 2021, also connects customers through their app with nearby grocery retailers, enabling them to order from multiple retailers in a single order.
ON Market received pre-seed financing from many angel investors. It will be used for ON Market’s expansion into new cities in 2022. Marzouk, the startup’s CEO, explained the unique value it provides to customers.
“Our customers have trust and loyalty to brands and retailers that cannot be easily replaceable. We create our products in house to allow them to stay connected with retailers they love and trust. Here they can see the latest offers, pricing updates and product availability. We allow customers to place one order and have it all delivered at once, which is a first in the market. We’ve surveyed a sample of over 200 customers, and we found that 90 per cent of them prefer to get all their orders at once, even if it’ll take more delivery time, even up to an hour,” he said.
Yasser alghamdi, the principal investor, stated that the grocery market in MENA (including Egypt) was promising.
“We believe the team behind ON Market has the necessary experience and mindset to build a remarkable success story, and we’ll support them to achieve that all of us together,” he said.