The story of Presto, Libya's most funded startup

Navigating what can only be described as a unique market, the 3-year-old tech company has its sight on igniting the Libyan startup ecosystem.

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Founder background

In 2020, Ammar Hmid launched Presto Eats, a food-delivery startup, following a stint in the FMCG sector. One of the plans he could follow was tried and tested: gradually increase the services offered on the app, to incorporate quick-commerce, ride-hailing, and maybe one day financial services. Ammar’s story is reminiscent of dozens of ambitious founders worldwide, from Singapore to Colombia, who bet on the super app model as a viable way to grow and capture their country’s burgeoning digital economy.

Ammar’s story does come with one notable specificity however: he launched Presto Eats in Libya, a country with no startup ecosystem, no venture capitalists, and a lingering decade-long internal conflict. After completing his studies at the University of Brighton in the UK, Ammar decided to turn on entrepreneurship’s “expert mode”, returning to Libya determined to impact his home country’s economy in one way or another.

Libya: a primer

Libya, a country bordering the Mediterranean and sandwiched between Algeria and Egypt, has a peculiar demographic situation. With a small population of around 7 million people (3% of North Africa’s total), the country boasts Africa’s largest oil reserves, ranking an honorable 10th on the global rankings.