Saudi Press

Saudi Arabia and the world
Friday, Mar 29, 2024

Start-up wrap: Saudi Arabian delivery startup completes cross-border merger with Egyptian counterpart

Start-up wrap: Saudi Arabian delivery startup completes cross-border merger with Egyptian counterpart

Saudi Arabia-based grocery delivery startup Jumlaty has announced a cross-border merger with Egyptian counterpart Appetito to form a new company NOMU that will be headquartered in Riyadh.
Founded in 2020 by Salman Attieh, Jumlaty provides a grocery delivery platform for consumers and businesses. Appetito was founded in the same year and recently signed a partnership with Saudi-based IT company Purity Information Technology to expand into the Kingdom.

“Appetito and Jumlaty have been, separately but similarly, working hard to reinvent the grocery supply chain. Both have focused on reliability, speed, and affordability, building a solid reputation and a loyal customer base of families and F&B businesses,” CEO of Appetito, Sheham Mokhtar, said in a statement.

Mokhtar will be the CEO of NOMU as he stated that the merger is set to put the company on course to reach $25 million in revenue and achieve a positive earning income by 2023.

Aiming to become the leading foodtech platform in the Middle East and North Africa region, NOMU is currently present in Saudi Arabia, Egypt, Tunisia, and Morocco.

“Together we capture the entire value chain, from monthly shopping to weekly refills and outdoor dining. Most importantly our journey now as one company will be accelerated thanks to an incredible team of international talents and supportive investors,” Attieh, now chairman of NOMU, said in a statement.

The new company will have a holding structure in Abu Dhabi’s International Financial Centre as it plans to expand into Pakistan and sub-Saharan countries in the near future.

Saudi Arabia’s Nama Ventures crafts Muqbis’ pre-seed round

Saudi Arabia-based venture capital firm Nama Ventures has invested in Egypt-based online handicrafts marketplace Muqbis for an undisclosed amount.

Launched in 2021 by Iman El Wasifi, Mohamed Nasser, and Kareem Hussein, Muqbis positions itself as the Etsy of the MENA region providing a platform for local artisans to sell their products online.

“We are super excited to be one of Nama’s Portfolio companies in our first round. Nama is an extraordinary VC that showed a strong belief in what we do and aim to deliver, even before we signed the final agreement for the investment, they bridged all possible ways to support our business growth through recommendations and business matchmaking,” El-Wasifi said in a statement.

Nama Ventures has been one of the most active venture capitals in the region supporting startups in their earliest stages with a focus on investing in pre-seed rounds.

We’ve always wanted to make a bet on ‘the Etsy of Mena’ for a while now, the opportunities are massive and our region enjoys a great deal of artists and talented craftsmen that need the right medium to monetise their craft. Yet we were always challenged in finding the right complementary team to go after the opportunity,” said Mohammed Alzubi, Founder of Nama Ventures.

The funding will support Muqbis in providing the right facilities for their artisans to reach more customers.

Uniting the food and beverage industry

Saudi Arabia’s venture builder Revival Lab signed an investment agreement worth $13.6 million with the Kingdom’s United Investments company to support startups in the food and beverage sector.

Founded in 2022, United Investments supports scalable brands to find market opportunities and seeks to acquire more than 30 F&B companies in Saudi Arabia.

“We seek to strengthen local brands in the food and beverage sector and help build their plans for growth and expansion inside and outside the Kingdom by improving expenditure efficiency and developing operational excellence plans,” Mohammed bin Abdulhadi Al-Qahtani, CEO of United, said in a statement.

Al-Qahtani co-founded Shawarma Hilayel and led its expansion to reach more than 26 branches in addition to 20 other brands with almost 100 branches in total.

“The agreement will provide unique opportunities to support male and female entrepreneurs as the industry shifts to cloud kitchens. It also seeks to develop startups in this field by building an integrated system that supports financial sustainability and good return on investment for investors,” CEO of Revival Lab, Mohammed Al-Maghlouth, stated.

The partnership will aim to encourage the growth of new ventures in the F&B sector in the Kingdom while promoting the shift towards cloud Kitchens.

Supplies simplified by Suplyd

Egypt-based restaurant logistics startup Suplyd secured $1.6 million in a pre-seed funding round led by Endure Capital, Seedstars, Camel Ventures, and Falak Startups.

Established in 2022, the company provides a platform to digitise the procurement supply chain process for hotels, restaurants, and cafes to buy stock directly from suppliers.

“Suplyd offers a smooth purchasing experience, clarity of product availability, guaranteed delivery dates as well as transparent pricing. Coupling that with its useful analytics, reporting, and digital records enables suppliers to handle their complex internal logistics and optimize their assets,” Ahmed El-Mahdy, COO of Suplyd, said in a statement.

The company will utilize its acquired funding to support its tech stack, grow its team, and scale its operations.
Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Reports in Gaza: 5 dead from the impact of aid packages dropped by the USA
Apple warns against drying iPhones with rice
China Criticizes US for Vetoing UN Ceasefire Resolution in Gaza
In a recent High Court hearing, the U.S. argued that Julian Assange endangered lives by releasing classified information.
The U.S. vetoed a U.N. Security Council resolution calling for a temporary ceasefire in Gaza, instead proposing its own six-week ceasefire plan contingent upon the release of all hostages held by Hamas
Prince William Urges End to Gaza Conflict
Saudi Arabia ranks first in UN index for e-government services in MENA
Israel has gone ‘beyond self-defence’ in Gaza, says Labour’s Streeting
EU Calls for Immediate Ceasefire in Gaza Conflict
Israel Records 20% Drop In GDP, War In Gaza Is The Reason
Saudi Arabia's FDI Inflows Grow with New International Standards
Venture Capitals Power Up Across MENA Region
Saudi Arabia Introduces Terms for 30-Year Income Tax Exemption for Multinational Companies
Saudi FM: Establishing Palestinian state is only pathway for Mideast stability
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
Elon Musk's Starlink Gets License For Israel, Parts Of Gaza
Influencers Exploit X Platform for Profit Amidst Israel-Gaza Conflict
PM Modi Announces Opening Of New CBSE Office In Dubai
International Criminal Court's Chief "Deeply Concerned" By Rafah Bombing
January Funding for MENA Startups Totals $86.5 Million
Saudi Arabia accelerates digital economy growth through Nvidia partnership
Indian female military officers commend Saudi Arabia's progress and women's empowerment
Israel unveils tunnels underneath Gaza City headquarters of UN agency for Palestinian refugees
Israel deploys new military AI in Gaza war
Egypt threatens to suspend key peace treaty if Israel pushes into Gaza border town, officials say
Israel Utilizes AI Military Technology in Gaza Conflict
Saudi Arabia Warns Of A "Humanitarian Catastrophe" If Israel Moves On Rafah
China Warns Iran to Halt Houthi Attacks or Damage Trade Ties
US University To Shut Qatar Campus Due To "Heightened Mideast Instability"
Iran-backed hackers interrupt UAE TV streaming services with deepfake news
Facebook and Instagram Ban Iran's Supreme Leader
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
U.S. Secretary of State Blinken: The Israelis underwent dehumanization on 7.10, this does not give them the right to do this to others.
Defense Technology Showcase Held in Riyadh
Saudi Arabia’s non-oil exports rise 2.5% to $6bn in November 2023: GASTAT
UK Bans Misleading "Zero Emissions" Claims for Electric Cars
Gaza's Teen Inventor Sparks Light in Displacement
Netanyahu Rejects Ceasefire Proposal, Insists On Total Victory Over Hamas
Guterres appoints independent UNRWA review panel
Private Sector Employment Hits Record High with Over 11 Million Employees in January
Rolls-Royce Executive Encourages Saudi Women to Tap into Their Inner 'Superhero' for Success in Defense Industry
Saudi Arabia launches National Academy of Vehicles and Cars
Saudi Tourism Minister Reveals Plan for 250,000 New Hotel Rooms by 2030
SAR to more than double eastern network passenger capacity with new trains deal
Saudi Arabia Enhances National Defense with New Partnerships
Saudi Aramco Maintains Arab Light Crude Pricing to Asia for March
NEOM Establishes New York Office to Support Investors
Saudi Wealth Fund Draws in Over $25 Billion Worth of Investments in Three Years, Al-Rumayyan Reveals
ZATCA Cautions Against Scammer Schemes
INTRA Defense Technologies inaugurates drone factory in Riyadh
×