Rinchi
TechInAfrica – The Egypt-based household shopping app, GoodsMart, has secured the additional fund of series B round from Algebra Ventures after its rapid growth in the last six months.
GoodsMart offers unattended delivery service in the Middle East and North Africa (MENA) region. Through the app, customers are able to use useful features, including GoodsMart box, a wallet system, a delivery model, and most importantly, a sleek app that enables them to shop effortlessly.
“Client’s happiness is our goal.” Said Amr Fawzi, GoodsMart’s Founder and CEO.
He continued, “Every single person on the team works to push client satisfaction to unprecedented levels. This is clearly reflected in our customer testimonials and organic engagement on social media and in our cohort retention rates of over 70% a year in.”
The achievement has made its initial investors, Algebra Ventures, excited to add more investment in the startup. In April 2017, Algebra Ventures invested $750k in GoodsMart’s Series A round.
Tarek Assaad, Algebra Ventures’ Managing Partner, said, “GoodsMartis a uniquely innovative company with tremendous upside potential. Their customer-centric approach continues to deliver exceptional results. Since we made our first investment, Amr and his team have improved operational efficiency, added key members to the executive team, signed strategic partnerships, and strengthened the company’s technology platform. We’re delighted to continue supporting GoodsMart beyond our initial investment.”
For the last six months, GoodsMart has grown three-fold of its business. The additional fund from Algebra Ventures will be used to scale up its business, increase its warehouse facilities and boost its operational capabilities.
“We’re going to use this investment to prepare for the upcoming expansion phase while continuing to maintain awesome client experience,” Fawzi said.
About GoodsMart
GoodsMart is the smartest and easiest online household shopping experience. GoodsMart wants its clients to let go of their daily errands, enjoy fresh products daily, and save money. Their mission is to free up their clients’ time for themselves and for their loved ones through unattended delivery. They offer reliable daily delivery and ensure product safety through their innovative GoodsMart box.
About Algebra Ventures
Algebra Ventures is a $50-million Cairo-based venture capital fund that invests in early-stage technology companies in Egypt and the MENA region. Its LPs include Cisco, the European Commission, EAEF, EBRD, IFC, and private family offices. Algebra has invested in many transformative tech startups, including HolidayMe, Eventtus, Elmenus, POSRocket, and Halan.
