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Grocery startup Tawfeer Market secures USD 500k seed funding

5 months 3 weeks ago

Tawfeer Market, the emerging online grocery retail startup operating from Egypt's second most populous city, Alexandria, has raised half a million USD closing its seed round with contributions from Alexandria Business Angels Network. The quick commerce app, which started delivering groceries to customers in 2020, became an established brand in the Alexandrian community.

Tawfeer Market app was downloaded on more than one hundred thousand devices in about one year, with tens of thousands of orders growing at a steady two-digit month-over-month growth. Recently Tawfeer market completed the AUC Vlab acceleration program.

According to the co-founder and CEO of Tawfeer Market, Ahmad Fasseeh, the grocery retail market is enormous, exceeding 50 billion USD. Egypt's online grocery retail market share is still way below global averages and even behind other e-commerce sectors in Egypt. The future of online grocery retail in Egypt is expected to grow exponentially, leaving room for many players to fulfill different needs. He added that retail grocery consumers seek three main criteria: variety, convenience, and price. Tawfeer Market tries to offer the right formula that fulfills consumer needs in the majority of their orders, offering the most commonly ordered 4000 SKUs, including fresh and frozen food at the lowest price within 60 minutes. Here came the name of Tawfeer, meaning savings in Arabic. Co-founder and COO of Tawfeer Market Mohamed Mansour emphasized that Tawfeer Market relies on its fulfillment centers and delivery fleet.

"Tawfeer Market has managed to deliver on the three must-win battles for e-commerce pure-play providers: availability: by focusing on 4000 core SKUs of any given category (including fresh and frozen food), Tawfeer supplies almost all the needs of the whole spectrum of shoppers; affordability, as the name denotes, Tawfeer doesn't benchmark prices viz a viz competition, to the contrary, they benchmark prices versus the most aggressive retailers & discounters like Carrefour; Accessibility, Tawfeer prides itself for being able to deliver orders within Alexandria within 60 minutes, and you really can't beat them on that." Said Khaled Akl (Chief Executive Officer at Halwani Brothers Egypt, and board member of Tawfeer)

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