Tech in Africa
Cairo-based Appetito has completed a $450,000 seed round from Saudi-based angel investors led by Ahmed Al Alola, alongside the Afropreneurs Fund. Ahmed Al Alola, is an early-stage investor behind Saudi household expenditure startup, Nana and Sary which raised $18 million in a Serie B round in March. Jedar Capital – an emerging VC fund investing in seed to series A while targeting startups across the Middle East, Asia, and Africa – also participated in the seed round.
Appetito was launched in March by Shehab Mokhtar and operates on a dark store model that sources products from the manufacturer, store them in mini fulfillment centers, and delivers them to household customers. The startup offers a wide range of privately labeled products serving all areas of Giza, Cairo, and Alexandria with next-day deliveries that are pre-scheduled. Appetito recently expanded its portfolio to include over 1000 SKUs from well-renowned brands, even entering the hyper-convenience race by promising 1-hour delivery times in certain select areas.
Shehab Mokhtar, Appetito’s CEO expressed pride in their achievements, a few months after launch. He described the investor backing as a privilege. Ahmed Al Alola, the lead investor, described the grocery-delivery market segment in a post-Covid world as “expanding rapidly.” He also described Appetito as “well-positioned to lead that segment” pointing out the “stellar team” and “superior experience.”
A managing partner at the Afropreneurs fund, Idris Bello, described their investment into Appetito’s seed round as a “proven thesis of investing in strong founders” singling out their “bias towards execution.”
Founder and MD at Jedar Capital, Sherif Nessim, expressed excitement to be part of Appetito’s journey across Egypt and the entire MENA region. He signed out Appetito’s execution and team growth focussed approach.
