In spite that, some business ventures have shutdown and some companies have recorded low turnover, due to the coronavirus pandemic, some start-ups are still getting more funds, (Pre-series), to push for growth.
One of such start-ups that have, recently, acquired a pre-series A funding is, an Egyptian food-tech start-up, known as Mumm, which specialises in the deliveries of homemade food, to individual customers, offices, corporate organisations and business centers.
The start-up was launched in 2015 and was, originally, patterned to be an online market place, where clients and customers can have, full access to affordable nutritional food, but it has since pivoted, to become a sophisticated virtual cafeteria, for organisations, (SMEs, workplaces, etc.), to order food in bulk and have it delivered, in the shortest of time possible.
“The market today, needs businesses, to be agile, more than ever. Given the distributed network of kitchens we have built, through the past years, today, we are well situated, to grasp the opportunity of increased demand on food delivery, whether to consumers today or to offices when teams are back to their work premises, in a more optimised capacity. We appreciate the trust given to us, by our investors, in such unique times”, Waleed Abd El Rahman, CEO of Mumm.
In 2016 and 2017 respectively, the start-up acquired a seed funding, from Egyptian VC A15 and also, got US$200,000, from 500 start-ups.
“Although it is risky for investors to put more cash into seed-stage companies, in these times, certain sectors ,will find opportunities to thrive, if they can stay afloat, during these tough times. We believe Mumm is, well situated to thrive”, noted Tarek Nasr, of Alexandria Angels.
Featured Image: menabytes
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