Arabnet Arabnet

GoodsMart, Egyptian household shopping app, has announced that it has secured additional funding from Algebra Ventures, Egypt’s venture capital fund, ahead of its upcoming Series B round.

GoodsMart has grown its business three-fold in the last 6 months and plans to use the acquired investment to further scale its business, upgrade its warehouse facilities, and bolster its operational capabilities. Amr Fawzi, GoodsMart’s founder and CEO commented, “We’re going to use this investment to prepare for the upcoming expansion phase while continuing to maintain awesome client experience.”

GoodsMart offers clients an effortless and hassle-free shopping experience using the GoodsMart box, an interactive app, a wallet system for easy payment, and an efficient delivery model. The innovative service has proven itself indispensable to clients, engaging customers and fostering brand loyalty and advocacy.

“Client happiness is our goal,” Fawzi added, “Every single person on the team works to push client satisfaction to unprecedented levels. This is clearly reflected in our customer testimonials and organic engagement on social media and in our cohort retention rates of over 70% a year in.”

The opportunity has continued to excite their initial investors, Algebra Ventures, who invested $750K in GoodsMart’s Series A round in April 2017. “GoodsMart is a uniquely innovative company with tremendous upside potential,” said Tarek Assaad, Algebra Ventures’ Managing Partner.

“Since we made our 1^st 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.”