Food Tech Investments in MENA (2012-2017)
Not including acquisitions
Worldwide, food delivery startups dominate the food sector, having raised r $8B in 2015/2016, and $5.3B in 2017 alone. In MENA, food delivery startups have secured 33% of total funding into the food tech sector in the past five years, and six regional food delivery startups Carriage, 24h.ae, ifood. jo, j Otlob, Talabat, and Hunger Station were acquired by key global players.
However, although funding in food f tech startups is increasing, many startups still struggle to bring their products and services to market, despite the food sector being one of the fast growing sectors in the region. To tackle this problem, Kuwait-based Savour, MENA’S first food accelerator, was launched earlier this year to help food startups scale their businesses. The accelerator, which will fund up to $165K per team, will also provide startups with access to a coworking space and a network of mentors for guidance.