Egypt-based grocery startup Appetito has raised $450,000 in a seed funding round led by a group of Saudi Arabian angel investors.
The group reportedly includes Ahmed Al Alola, an early backer of startups like Sary and Nana, as well as Afropreneurs Fund, an early-stage technology fund based out of Africa. The round also saw sizable contributions coming from Jedar Capital.
Appetito was founded in March 2020 and it has been since operating through a dark store model. Simply put, the company sources products from manufacturers and store them in mini fulfillment centers. From there, these products are delivered to consumers as and when required.
The startup had an impressive debut with its private-level products aimed at consumers from across Alexandria, Cairo, and Giza. Of late, Appetito expanded its product portfolios by adding more than 1,000 SKUs from popular brands. Thus it got into the hyper convenience race by promising a delivery time of 60 minutes or less in select few areas.
Commenting on the success of the funding round, Appetito Founder and CEO Shehab Mokhtar commented: “We’re proud of what we have achieved in just a few months from our launch. We’re privileged to have such prominent investors backing us. With their support and the team we’re building, I’m confident we will be in a leading position in the global race of grocery delivery.”