JEDDAH: Elmenus, Egypt’s largest food ordering platform, has raised $10 million in new funding.
Founded in 2018 and with about 1.5 million monthly users, the new funding round was led by Egyptian firms Fawry Group and Marakez, and the US-based Luxor Capital Group.
“The Egyptian food space has high growth potential, with technology disrupting the status quo as customers’ needs in food service provision rapidly change,” Ashraf Sabry, CEO of Fawry, said in a press statement.
The funding marks the first investment in the region by New York-based hedge fund Luxor Capital Group, which has $11 billion of assets under management. Some of its other global investments include India’s Zomato, Germany’s Delivery Hero and Spain’s Glovo.
Elmenus aims to reach 12,000 restaurants and scale its business to cover 20 Egyptian cities by the end of 2021.