The shopping app also provides its users with a payments and delivery service. GoodsMart was founded in 2014 by CEO Amr Fawzi (pictured above) and Ahmed Sudan.
In a statement today (18 February), the startup said the investment was made ahead of preparation for a Series-B round raise.
In an email today (18 February), GoodsMart strategic project and partnership lead Nayra Elberry declined to disclose how much Algebra Ventures invested in the startup, as well as what valuation the funding had been raised on. She did however disclose that the deal had been concluded in the fourth quarter of 2018.
In the Algebra Ventures’ first round of funding in 2017, the VC invested $750 000 in GoodsMart
The startup — which claims it has grown its business “three-fold in the last six months — will use the funding to further scale its business, upgrade warehouse facilities, expand its team and improve its operational capabilities. GoodMart, Elberry said, currently services around 100 residential complexes in Cairo.
In April 2017, Algebra Ventures — who Elberry said is the startup’s main investor — invested $750 000 in GoodsMart’s Series-A round. Algebra Ventures managing partner Tarek Assaad said GoodsMart’s “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,” said Assaad.
Featured image: GoodsMart CEO and co-founder team (Amr Fawzi El-Sayed via Facebook)