ⓘ Featured image: A file-photo of Waleed Abd El Rahman, Founder & CEO, Mumm
Cairo, Egypt-based foodtech startup Mumm has recently made the announcement of its Pre-Series A round closed with Alex Angels. The startup was founded by Waleed Abd El Rahman in 2015 that delivers homemade food to individual customers as well as businesses through its marketplace.
Commenting over the investment round, Tarek Nasr, Deal Lead investor at Alex Angels said that COVID-19 is an opportunity for startups to come up with problem-solving solutions which could help people make money from home,
“As we continue to close more deals this year, we believe that the current situation that 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 and generate income while at home. Although 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, we believe Mumm is well situated to strive.”
Mumm previously raised a seed investment in 2016 from Egyptian VC A15, and $200K from 500 Startups in 2017 as a part of 500 Startups’ Series A Program accelerator Doha Dojo in Qatar. The startup was also recognised by the World Economic Forum as one of the 100 startups disrupting the Middle East.
Sharing the journey of Mumm and vision forward, Waleed Abd El Rahman in a press statement 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.”