Egyptian e-grocery marketplace ON Market has raised US$215,000 in pre-seed funding to further expand its operations in Cairo, Alexandria, Tanta, Mansoura, and multiple other cities across the country.
Founded in June 2020 in Tanta by Moatasem Marzouk, Seif Yasser, Ahmed Najjar, and Moataz Marzouk, ON Market empowers grocery retailers with tech solutions to build and sustain online commerce.
The startup, which graduated from the AUC Venture Lab’s acceleration programme in 2021, also connects customers through their app with nearby grocery retailers, enabling them to order from multiple retailers in a single order.
The pre-seed funding comes from a host of angel investors, and will be used to help ON Market expand into more cities over the course of 2022. Marzouk, the startup’s CEO, explained the unique value it provides to customers.
“Our customers have trust and loyalty to brands and retailers that cannot be easily replaceable. We develop our products in-house to connect them with the retailers they trust and love, where they can follow their latest offers, pricing updates, and product availability. For the first time in the market, we allow them to order from multiple stores by placing only one order and getting it delivered all at once. We’ve surveyed a sample of over 200 customers, and we found that 90 per cent of them prefer to get all their orders at once, even if it’ll take more delivery time, even up to an hour,” he said.
Yasser Alghamdi, the lead investor, said the grocery market in MENA, including Egypt, was promising.
“We believe the team behind ON Market has the necessary experience and mindset to build a remarkable success story, and we’ll support them to achieve that all of us together,” he said.
