Saudi Arabia’s Nabt raises $1.5 million Seed led by Merak Capital

Saudi Arabia’s Nabt raises $1.5 million Seed led by Merak Capital

News

• 28 October, 2024

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• Saudi Arabia-based foodtech Nabt has closed a $1.5 million Seed investment round, led by Merak Capital with the participation of other angel investors.
• Founded in 2022 by Abdullah Alotaibi, Nabt operates a B2B marketplace connecting farmers directly with businesses.
• This funding will enable Nabt to accelerate product development and expand its market reach.
• Nabt is part of the Sunbolah FoodTech Accelerator, which is a programme run by the Ministry of Environment, Water, and Agriculture that fosters innovative companies in the agricultural sector.

Press release:

Nabt, a pioneering Saudi agritech startup, has successfully closed a SAR5.63 million ($1.5 million) seed investment round in Q3 2024, led by Merak Capital, a technology-focused investment firm, with the participation of key angel investors.

This funding will enable Nabt to accelerate product development and expand its market reach, supporting efforts to transform Saudi Arabia’s fresh produce ecosystem. Founded in 2022, Nabt operates a B2B marketplace connecting farmers directly with businesses, promoting transparency, efficiency, and sustainability. These initiatives contribute to food security in the Kingdom and align with the objectives of achieving self-sufficiency in food production.

Nabt has been actively involved in the Sunbolah FoodTech Accelerator, a specialised programme launched earlier this year by the Ministry of Environment, Water, and Agriculture (MEWA) that aims to support entrepreneurs by providing a comprehensive ecosystem that fosters innovation and growth in the agricultural sector.

Moreover, Nabt participated in the program’s organised visit to Paris, which was aimed at providing a comprehensive understanding of the food technology industry in Europe. As part of this visit, the programme included a visit to SIAL Paris 2024, providing an invaluable opportunity for Nabt to engage with industry experts, gain insights, and expand its network within the international food technology arena.

Abdullah Altamami, Founder and CEO of Merak Capital, commented, “At Merak Capital, our commitment lies in harnessing Nabt’s technology platform to revolutionise the fresh produce industry in the Kingdom. The investment aligns seamlessly with our core mission of championing innovative startups with a strong focus on technology. We are enthusiastic about Nabt’s potential to create a substantial impact in the agriculture sector. Our collaboration with them perfectly aligns with our overarching objective of investing in companies that offer technological solutions in the FoodTech sector, thereby enhancing food security and sustainability in the region.”

Dr. Ali Alsabhan, General Manager of Entrepreneurship, Ministry of Environment, Water and Agriculture, added, “It has been inspiring to witness Nabt’s evolution throughout the Sunbolah Foodtech Accelerator programme. Their passion for innovation and dedication to solving real-world challenges are commendable. As a GM, I believe that Nabt is aligned with the strategic goals and objectives for the agriculture sector within the Ministry. I have no doubt they will lead the charge in Foodtech and create meaningful change.”

Abdullah Alotaibi, Founder and CEO of Nabt, stated: “We extend our gratitude to Merak Capital, our angel investors, and the Sunbolah Foodtech Accelerator programme for their confidence in our vision. We are committed to transforming the fresh produce supply chain through transparency and sustainability. This investment will enable us to leverage technology to enhance food security and support local farmers, aligning with the goals of Vision 2030. We look forward to making a meaningful impact in the agricultural sector.”

Nabt is strategically positioned within Saudi Arabia’s agricultural sector, which is estimated at $18.77 billion in 2024 and expected to reach $24.14 billion by 2029, with a CAGR of 5.20% during this period. Nabt aims to leverage emerging opportunities by facilitating the connection between farmers and businesses. The primary objective is to enhance and uphold Saudi Arabia’s food security by establishing a robust infrastructure for fresh produce, thereby contributing to the Kingdom’s vision of attaining food security and economic diversification. This proactive approach is poised to bolster their market presence, fostering an innovative agricultural sector.

Merak Capital, the leading firm in this investment round, has expanded its portfolio across various innovative sectors, including transportation, sustainable agriculture, and e-commerce—focusing on technology that supports national development initiatives.