Egypt-based Elmenus, an Egyptian online food buying platform has raised US$8 million in a funding round led by Global Ventures and Algebra Ventures. Elmenus was founded in 2011 by Amir Allam and has recently expanded staff complement from 20 to 200 and rolled out its own delivery fleet service. The online food delivery sector is negligable in Egypt which provides opportunities to new tech savvy players.
Global Ventures is a venture capital fund with a focus on artificial intelligence, machine learning, fintech, IoT, health tech, mobility and sustainable energy. Global Ventures has invested in tech start-ups such as Modum, ETHLend, Bankera, Vetri, Bee Cargo Coin, Buying.com, Hive and Trustwire. The fund is led by Dr Christoph Lymbersky and Benjamin Scherer.