EGYPT – Egyptian food-tech startup, Mumm has closed a pre-Series A bridge funding round from Alexandria Angels to maintain its growth during and beyond the COVID-19 crisis.
Founded by Waleed Abd El Rahman in 2015, Mumm is an online marketplace that delivers homemade food to individual customers as well as businesses.
Initially launched as an online marketplace for customers to access nutritious, affordable and delicious homemade food conveniently, Mumm has grown to become a virtual cafeteria for corporate and SMEs offices, delivering company orders in bulk.
The startup raised seed funding in 2016 from Egyptian VC A15, and later in 2017 closed a US$200,000 round from 500 Startups.
It has now raised funding from Alexandria Angels, which helps its members invest in promising, early-stage companies, to help it sustain its growth as it prepares for its Series A round, reports DisruptAfrica.
“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,” said El Rahman.
Tarek Nasr, deal lead investor of Alex Angels, said the world was witnessing, due to COVID-19, an opportunity for startups to come up with solutions that can help people maintain their normal life and generate income while at home.
“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 strive,” he said.
April 27, 2020