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Presto Eat wants to be Libya’s introduction into Africa’s growing startup space

Presto Eat wants to be Libya’s introduction into Africa’s growing startup space

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Barely three years old, Presto Eat has grown to become Libya’s leading startup. But venture investors seem to be steering away from investing in the logistics startup and the country.

Presto Eat, a Libyan start-up that delivers food and groceries to customers' doorsteps, has become the biggest start-up in the country with 120,000 users and over 5,000 drivers, processing over 5,000 orders daily, according to TechCabal. Its gross profit grew to LYD 6.1m ($3.8m) in 2022 from LYD 487,785 in 2021, while its total revenue rose 185% YoY to LYD 30.2m. However, founder and CEO Ammar Hmid said most venture capitalists weren't interested in investing. Libya's ecosystem is young and green with entrepreneurs working in silos, says Najla Almissalati, managing director at Tadawul Financial Group.


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