Saudi Press

Saudi Arabia and the world
Wednesday, Feb 08, 2023

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.

Related Articles

Saudi Press
2 earthquakes in Turkey killed over 2,300 people
Powerful Earthquake Strikes Turkey and Syria, Killing More Than 1,300 People.
Turkish photographer Ugur Gallenkus portrays two different worlds within a single image. Brilliant work
Charlie Munger, calls for a ban on cryptocurrencies in the US, following China's lead
Shell reports highest profits in 115 years
EU found a way to use frozen Russian funds
First generation unopened iPhone set to fetch more than $50,000 at auction.
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.