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GoodsMart, online grocery app, secures additional funding from Algebra Ventures

GoodsMart, the household shopping application, has announced that it has secured additional funding from ​ Algebra Ventures, one Egypt’s leading venture capital funds, ahead of its upcoming Series B round. 

The app pioneers unattended delivery in the MENA region through offering clients an effortless and hassle-free shopping experience using the GoodsMart box, a sleek app, a wallet system for easy payment, and an efficient delivery model.

“Every single person in 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,” said GoodsMart’s Founder and CEO, Amr Fawzi.

Algebra Ventures invested $750,000 in GoodsMart’s Series A round in April 2017.

According to Algebra Ventures’ Managing Partner, Tarek Assaad, GoodsMart is a uniquely innovative company with tremendous upside potential, and the team managed to improve the start-up’s operational efficiency following the first round of investment.

“We are delighted to continue supporting GoodsMart beyond our initial investment,” he added.

This investment comes as GoodsMart prepares to raise its Series B investment round. The start-up managed to grow its business three-fold in the last six months, and it plans to use the acquired investment to further scale its business, upgrade its warehouse facilities, and bolster its operational capabilities.

GoodsMart secures funding from Algebra Ventures in pre-series B

Egypt-based e-grocery company GoodsMart announced that it has secured funding in a pre-Series B round from Algebra Ventures.

This investment comes as GoodsMart prepares to raise its Series B investment round. According to statement GoodsMart, its business has grown three-fold in the past six months and plans to use the acquired investment to further scale its business, upgrade its warehouse facilities, and bolster its operational capabilities.

“We’re going to use this investment to prepare for the upcoming expansion phase while continuing to maintain...client experience,” said Amr Fawzi, founder and chief executive officer at GoodsMart.

Algebra Ventures previously invested $750,000 in GoodsMart’s Series A funding round in April 2017.

“Since we made our first 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,” said Tarek Assaad, managing partner at Algebra Ventures. “We are delighted to continue supporting GoodsMart beyond our initial investment.”

Algebra Mothers' 'Strawberry Cheesecake' 7' Out Today On Third Man Records

Today, Third Man Records is thrilled to give a vinyl release to legendary Detroit punk rockers Algebra Mothers' defining single, "Strawberry Cheesecake" b/w "Modern Noise." A run of pink vinyl (limited to 200 copies) is now available in the purple and green sleeves pictured above, while the standard black version can be purchased in the gray sleeve. The limited pink vinyl version can be purchased at Third Man's Nashville and Detroit storefronts, while the black vinyl version can be purchased HERE. The purple sleeves will only be available for purchase in at the Detroit store, while the green sleeves will only be available in the Nashville store. Algebra Mothers will be celebrating this release with a show next Friday, February 22 at Detroit's UFO Factory with Bush Tetras. Tickets to the show are available HERE. This is THE single. 1979. Detroit, Michigan. A-Moms, a.k.a. Algebra Mothers, were one of the Midwest's early cutting-edge new wave punk groups, who would go on to play shows with like-minded artists Pere Ubu and Destroy All Monsters. And this is their only release ever, that is, up until Third Man released a compilation of unreleased and live material last summer. Now you have the chance to own a reissue of the single that sparked it all, in 3 vibrant and eye-catching colorways. "Strawberry Cheesecake" is absolutely frantic and infinitely catchy, popping right off of the platter into your ears. Lightning bolt melodic synth punches, desperately human but then briefly robotic vocals and no shortage of freewheeling guitar solos make no secret why this track so beloved. On the flip side, "Modern Noise" is an alien punk keyboard-cram blaster with a decimating, canonical guitar.