Fakahany, a Cairo based farm-to-door fresh produce ecommerce platform has raised $700,000 in seed funding, the startup announced today. The round was led by Endure Capital and joined by some angel investors.
Founded last year by Waleed Khalil, who happens to be a partner with Endure Capital, and Ahmed Attia, Fakahany allows users in Cairo and Giza governorates to order fresh fruits and vegetables through its online platform or mobile apps for iOS and Android. The startup that has its own warehouses, sources the fresh produce directly from certified farms.
According to its website, they have four delivery slots between 9 am to 9 pm everyday, that customers can choose from to have their orders delivered to their doorstep.
“Fakahany focuses on closing the gap between farms and customers and optimizing the processes in between. By doing so we are able to provide our customers with fresh produce of the highest quality combined with great value for money and convenient delivery to your doorstep,” said Ahmed Attia, co-founder of Fakahny.
The startup according to statement has seen a great level of demand in the market and has been able to grow its revenues ten-fold over last one year.
Waleed Khalil, co-founder and CEO of Fakahany said: “We chose this vertical understanding the challenges of working with fresh produce and perishable goods. However, the great calibers that we have and collective industry experience within our team has allowed us to build a powerful e-commerce platform and sturdy operations that enable fast growth and a seamless experience for our customers.”
Tarek Fahim, General Partner at Endure Capital, who led Fakahany’s investment round noted, “It looks like the first 20 years of consumer internet was about businesses with low marginal cost, and the next 20 years is about businesses with high marginal cost. To thrive and endure you need continuous optimization, automation and vertical integration. That is why we love Fakahany; because of the high and consistent growth we see and the quality service they deliver.”
Fakahany’s Facebook page has a rating of 4.2 out of 5 from over 600 reviews, which suggests that they’ve been keeping most of their customers very happy.
Latest posts by MB Staff (see all)
- Egypt’s competition watchdog accuses Apple of violating competition laws, gives the US company 60 days to comply or face legal action - December 11, 2018
- Interview: Uber CEO Dara Khosrowshahi on plans to invest $100 million in Egypt, Uber Bus, competitors, electric cars, and more - December 11, 2018
- Kuwait’s Agility to invest $100 million over next three years in its digital logistics platform Shipa - December 10, 2018