Cairo-based online home-made food platform Mumm has received an investment worth $200,000 from Mountain View, California-based early-stage venture fund and seed accelerator 500 Startups.
Mumm was one of the nine startups selected by the first annual MENA accelerator program of 500 Falcons, a $30 million fund launched by 500 Startups in 2015 to invest in early-stage firms in the region.
Mumm provides a platform for local Egyptian women and refugees to sell home-cooked meals to customers.
With unemployment rates among Egyptian women close to 25%, Mumm claims that it gives women the opportunity to create a sustainable livelihood from the convenience of their homes while ensuring they are equipped with the right tools to deliver consistent, high-quality service.
Mumm tackles the intersection of issues faced in Egypt and other markets whereby the cost of a healthy and convenient meal for the bulk of young employees has become prohibitive, said Sharif El-Badawi, partner at 500 Startups.
“Not only do we believe that Mumm will help corporate employees eat healthier and be more productive, we are keen on empowering women and providing a means to independence and job security for them,” El-Badawi said.
“We are growing our team. We will continue to build an organizational environment that is full of learning, and one that challenges the team to achieve more so we can realize our full potential” said Waleed Abdel Rahman, CEO and founder of Mumm.
Mumm was recently recognized by the World Economic Forum as one of 100 startups disrupting the region and was among the top five finalists in Arabnet’s Startup Championship in Dubai in May last.
In 2016, it closed a seed investment from the prominent Egyptian VC A15.
Mumm has revealed that is also launching its B2B solution, to provide a value-for-money experience to companies and their employees while maintaining a high nutritional value.
500 Startups has intensified its focus on the MENA region in the recen t years.
In May this year, 500 Startups said that it was closing its MENA-focused fund 500 Falcons at $15 million, against a target of $30 million.
The fun was earlier targeting to raise $30 million.
500 Startups has been investing in the MENA region since 2011, including 55 deals in 32 companies for a total of $6 million, this is its first fund focused entirely on the Arab world.
The fund will focus on early-stage startups in the MENA region, MENA diaspora founders and non-MENA founders targeting MENA.
500 Startups is a global venture capital seed fund with over $275 million in committed capital. It invests small amounts of money in hundreds of young technology companies around the world.
It has invested in nearly 1,600 technology startups since inception in 2010.
In October 2016, it took part in a $800,000 seed round in Dubai-based productivity startup Wrappup which was led by BECO Capital. In July 2016, it put an undisclosed amount as an investment in UAE-based online gift shop Joi.
Prior to that, in May, 500 Startups participated in a $4 million Series A round in ReserveOut, a Dubai-based online restaurant reservations platform.