elmenus, a food and beverages startup in Egypt, announces it has received investment from the former CEO of global food-ordering firm, Just Eat – David Buttress – who also joins its Board of Directors.
elmenus started its business by building a detailed directory providing users with menus and information about restaurants in the country, while growing a community of followers who shared images and reviews. From the huge following it gathered of users and restaurants, the online company was launched for ordering in late 2018.
The Food and Beverages business has since seen success in Egypt’s underserved online ordering market. elmenus, states in the press statement that, it has grown its revenue by 300%, achieved a significant market share, with less than $10 million in funding. Investments from UAE-based Global Ventures and Algebra Ventures to the tune of US$8M Series B round in 2020, were of particular mention.
The new investor of Elmenus, David Buttress
He is described as having extensive entrepreneurial and investment background since his days with Just Eat in 2006 where he launched the UK business. Helping make global acquisitions and investments including the likes of MenuLog (Australia) for $855M and a majority stake in iFood (Brazil).
With him in a decade, Just Eat UK moved from a simple startup to becoming a large European tech IPO. He is currently a Venture Partner at 83 North, and has several successful startups in his portfolio.
And in a year and a half time, elmenus plans to scale its offering and expand its market share, with 4,000 new drivers to be recruited, enrich its social and personalized dish discovery experience, and empower restaurants to be stronger partners.
Amir Allam, CEO of elmenus, appreciating the effort said,
“As we aim to become the go-to food app for all dining decisions, and a partner of choice to restaurants to help them solve their scaling challenges in the MENA region, I believe David’s insights and exceptional record will play a vital role in accelerating our growth and guiding elmenus in acquiring a significant share of the market. We are very excited to be working with an industry veteran like David. His belief in our vision is a grand testament to us.”
Accoring to David Buttress who also commented on the investment,
“elmenus’ exponential growth this past year has been quite remarkable. It has been owning the food discovery approach, making it the stronger partner to restaurants as it provides them with more than just online ordering services.
Concluding that, while the growth of elmenus has tripled in 2020 alone, in light of the COVID-19 challenges and more restaurants outsourced their delivering operations, the company, David expects should grow ten (10) times in 2021. He thinks this is an exciting time in the company’s evolution.
ImaliPay: Nairobi Fintech Startup Raises Pre-Seed Funding Led By TEN13
ImaliPay, a fintech startup helping African freelancers reach their financial goals has raised an undisclosed amount in pre-seed funding from the Australian venture capitalist, TEN13, reputed for investing in top-tier start-ups.
According to ImaliPay, the primary aim of this newly raised funding is to expand and accelerate their growth and footprint in Nigeria, South Africa and Kenya to be a one-stop-shop for gig workers’ financial needs on the continent.
The backing of ImaliPay by TEN13 is on the back of recent chain of events that has elevated the visibility of Africa’s fintech startup scene.
Commenting on the deal, Managing Partner of TEN13, Stew Glenn, said,
ImaliPay in 2020 was co-founded by Zimbabwe’s Tatenda Furusa and Sanmi Akinmusire a Nigerian, who were former colleagues at the leading payments company Cellulant. The fintech company thinks the investment from the venture capital has significant benefits.
In a statement released to the press, Tatenda Furusa said,
It’s a great opportunity for investors to participate in the fintech revolution and a fast-growing segment. Our vision at ImaliPay is to advance financial health and inclusion for gig workers who struggle to manage and access flexible financial services that are often only available to traditional SMEs.
The growth in the African gig workforce is being pushed by the growth in digitization and smartphone penetration. Gig workers constitute a significant proportion of the economy within ImaliPay’s target markets and this market segment is expected to grow rapidly over the next decade.
ImaliPay offers gig workers a one-stop-shop of financial services such as the ability to seamlessly save their income and receive in-kind loans through a “buy now, pay later” model tied to their trade.
Bolt drivers in Kenya can now request a fuel loan and payback after 3-4 days, this allows them to get more work done and Safeboda riders in Nigeria can now buy on credit bike parts, fuel, and smartphones to keep their gig moving and reduce any downtime.
Other products to be offered off the platform include insurance and investment options to foster a safety net for this hard-working but vulnerable part of the population.
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