Egyptian e-grocery marketplace, ON Market secures $215k pre-seed funding
ON Market, an Egyptian e-grocery marketplace, has raised US$215,000 in pre-seed capital to extend its operations in Cairo, Alexandria, Tanta, Mansoura, and other Egyptian towns.
ON Market, founded by Moatasem Marzouk, Seif Yasser, Ahmed Najjar, and Moataz Marzouk in Tanta in June 2020, provides food stores with technology solutions to help them start and sustain online commerce.
The firm, which graduated from the AUC Venture Lab’s acceleration program in 2021, also connects clients with neighboring grocery merchants via its app, allowing them to place orders from numerous retailers in one transaction.
The pre-seed money comes from a group of angel investors, and it will be used to assist ON Market expand into other cities by 2022. The startup’s CEO, Marzouk, emphasized the distinct value it offers clients.
“Our customers have a level of confidence and devotion to brands and stores that is difficult to replace. We create our own products to connect them with the stores they know and love, allowing them to stay up to date on the newest offers, pricing changes, and product availability. For the first time on the market, we allow them to order from multiple stores with a single order and have everything delivered at once. “We polled over 200 consumers and found that 90% of them prefer to receive all of their goods at once, even if it means a longer delivery time, up to an hour,” he said.
The principal investor, Yasser Alghamdi, believes the MENA grocery industry, which includes Egypt, is promising.
“We believe the ON Market team has the experience and mindset to develop a fantastic success story, and we’ll all work together to make that happen,” he said.
