Ex-CEO of Just Eat backs Egypt's food-order iPhone app elmenus
02 February, 2021
The former chief executive of Just Eat committed to Egypt's food-ordering iphone app elmenus, as he appears to seize a share of the country's fast growing online food delivery market.
David Buttress, who led the London-based meal-delivery application for four years until 2017, has also joined elmenus' board, according to a statement by the Egyptian company on Monday. It didn't disclose how big is the investment.
"Elmenus’ exponential growth this past year has been quite remarkable," Mr Buttress said. "It's been owning the meals discovery approach, so that it is the more powerful partner to restaurants since it provides them with an increase of than simply online ordering services."
The Cairo-based start-up, which includes a lot more than 1.5 million monthly users, provides seen an uptick in demand through the Covid-19 pandemic as safety precautions and movement constraints prompted more persons to dine in the home.
Elmenus' revenue growth tripled in 2020 as food deliveries heightened and more restaurants outsourced their delivery operations, Mr Buttress explained. The business is targeting to extend ten-fold this year since it boosts its product and restaurant offerings.
The start-up was founded in June 2011 as a catalogue of menus from restaurants and started delivering food through its online platform in late 2018.
Since then, it found success tapping into Egypt’s underserved online ordering market and has raised practically $10 million in funding. This included a string B round in 2020 - when it secured $8m - led by UAE-based venture capital firm Global Ventures and Egypt's Algebra Ventures.
Amir Allam, leader of elmenus, said he hoped that Mr Buttress will "play a essential role found in accelerating our growth and guiding elmenus found in acquiring a substantial share of the marketplace".
Egypt's online food delivery segment is likely to generate $99m in revenue this season, according to Statista.
Mr Buttress happens to be somebody at London-based capital raising firm 83 North.
In the next 1 . 5 years, elmenus plans to broaden its market share, recruit 4,000 new drivers and add more restaurants to its platform.
Source: www.thenationalnews.com