elemenus and Fawry to co-develop innovative solutions for restaurants and customers
elmenus, Egypt’s biggest food discovery and ordering platform, has secured new funding of US$ 10mn from three new MENA and North America investors—Fawry, Luxor Capital and Marakez in Pre-Series C fundraising.
The Fawry Group, the renowned digital transformation and e-payment platform, is leading the investment from Egypt. The investment follows Fawry’s new strategy to take minority stakes in fast-growing, Egyptian, technology businesses.
“The Egyptian food space has high growth potential, with technology disrupting the status quo, as customers’ needs in food service provision rapidly change,” remarked Ashraf Sabry, CEO, Fawry.
From North America, investment has also been received from New York-based hedge fund, Luxor Capital Group, which has US$ 11bn of assets under management. Luxor has a long history of successfully investing in food technology companies around the world.
“This funding demonstrates the investors’ strong belief in our position in Egypt, and our capability to dominate the market,” commented Amir Allam, CEO, elmenus
elmenus, which now has over 1.5mn monthly users, is the most comprehensive platform for restaurant information and food discovery in Egypt, and its aim is to personalize food recommendations at a dish level.
By the end of 2021, elmenus expects to empower 12,000 restaurants with new data and tool offerings to help them scale their businesses, across 20 Egyptian cities. Its cutting-edge digital solutions will also drive its existing database of several million users, to switch to online ordering.
