Mumm receives $200,000 investment from 500 Startups
The rising online homemade food platform, Mumm, received an investment worth $200,000 from 500 Startups, possibly one of the world’s most active venture capital funds.
Earlier in 2015, 500 Startups announced that it will allocate a MENA fund of up to $30 million, named 500 Falcons, to invest in early-stage startups, MENA diaspora founders and outside companies focused on the region. In its first annual highly-selective MENA accelerator program, 500 Falcons selected nine startups, of which Mumm was one.
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Commenting on the deal, Sharif El-Badawi, Partner at 500 Startups said, “We’re incredibly proud to be a part of Mumm’s journey with Waleed. 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. 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.”
Mumm provides a platform for local Egyptian women and refugees to sell home-cooked meals to customers. With unemployment rates among Egyptian women hitting 25%, Mumm gives women the opportunity to create a sustainable livelihood for themselves, from the convenience of their homes, while ensuring they are equipped with the right tools to deliver consistent, high quality service. According to the company, women (Mumm calls them cooking partners) can make up to 6000 EGP monthly by working from home.
“We are currently growing our team of high caliber young people as we expand our business. 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, who emphasizes the importance of attracting talented, purpose-driven individuals to Mumm.
The rising startup was recently recognized by the World Economic Forum as one of 100 startups disrupting the region, and was among the top 5 finalists in ArabNet’s Startup Championship in Dubai, last May. Mumm also won the first place in the Harvard Arab Alumni Association World conference startup competition this year; and in 2016 closed a seed investment from the prominent Egyptian VC A15.
Mumm is now also in the process of launching its B2B solution, to provide a more value for money experience to companies and their employees while maintaining a high nutritional value.
