Tech in Africa
Speed grocery delivery apps have mushroomed across Europe during the global pandemic attracting record investment from investors. These venture-backed grocery delivery firms attracted over $1.56 by May last year – and $687 million since 2020.
The new wave seems to be only getting started in Africa as Egypt’s RabbitMart has raised a record $11 million pre-Seed round by the region’s standards, shattering the record set by Telda’s $5 million pre-seed raise. Investors that took part in the round are Global Founders Capital, Foundation Venture, Raed Ventures, MSA Capital, and Goodwater Capital. Rabbit looks to deliver groceries at record times from neighborhood fulfillment centers to people’s houses in less than 20 minutes. Other grocery delivery companies in Egypt are Appetito and GoodsMart.
Rabbit (short form) joins companies like Breadfast also looking to complete deliveries in speedy times. The grocery delivery startup was founded by Ahmad Yousry, Walid Shabana, Ismail Hafez, and Tarek El Geresy back in June. The company operates across four neighborhoods in Cairo; Zamalek, Mohandeseen, Nasr City, and Maadi.
