Investments

Egyptian foodtech Mumm raises investment from Alex Angels

Cairo-based foodtech startup Mumm has raised an undisclosed amount of investment from Alex Angels, the startup announced in a statement today to MENAbytes. The investment is part of an on-going pre-Series A round.

Founded in 2015 as an online marketplace to deliver homemade food to individuals, Mumm has recently moved its focus towards business customers. It launched its meal subscription service for corporates and SMEs late last year.

Through the service, the startup partners with companies to offer ‘nutritious meals’ at discounted rates to its employees. Once a company partners with Mumm, its employees can subscribe to receive food on the working days. They have the option to either pick the meals they’d like to receive for the entire month in advance or choose on a daily basis every morning.

Waleed Abd El Rahman, founder and CEO of Mumm, said, “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 optimized capacity. We appreciate the trust given to us by our investors in such unique times.”

Tarek Nasr from Alex Angels, said, “As we continue to close more deals this year, we believe that the current situation the whole world is witnessing, due to the Covid-19, is an opportunity for startups to come up with solutions that can help people maintain their normal life. Even though 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 and we believe Mumm is well situated to strive .”

Mumm has previously raised a seed investment from A15 in 2016 and $200,000 from 500 Startups in 2017 and 2019 (follow-on).

Zubair Naeem Paracha

Zubair Naeem Paracha

Founder at MENAbytes
A tech and startup enthusiast based in Lahore, Pakistan. Zubair apart from leading MENAbytes is also building Qraar, a career discovery and development platform for millennials in MENA. He can be reached on Linkedin, Twitter or zubair [at] menabytes [dot] com.
Zubair Naeem Paracha
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