In Q3 2024, Nabt, a trailblazing Saudi agritech startup, closed a SAR5.63 million ($1.5 million) seed investment round led by technology-focused investment firm Merak Capital, with participation from important angel investors.
With the help of this funding, Nabt will be able to develop new products more quickly and reach a wider audience, which will help with initiatives to change the fresh produce ecosystem in Saudi Arabia. Nabt was established in 2022 and runs a business-to-business marketplace that links companies and farmers directly while encouraging sustainability, efficiency, and transparency. These programs support the Kingdom’s food security and are in line with the goals of attaining food production self-sufficiency.
In order to support entrepreneurs by offering a comprehensive ecosystem that encourages innovation and growth in the agricultural sector, the Ministry of Environment, Water, and Agriculture (MEWA) launched the Sunbolah FoodTech Accelerator earlier this year. Nabt has been actively involved in this program.
In addition, Nabt took part in the program’s planned trip to Paris, which was designed to give participants a thorough grasp of the European food technology sector. The itinerary for this visit included a stop at SIAL Paris 2024, which gave Nabt a priceless chance to network with industry professionals, acquire knowledge, and broaden its horizons in the global food technology space.
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.”
The agricultural sector in Saudi Arabia, which is projected to be worth $18.77 billion in 2024 and $24.14 billion by 2029, with a compound annual growth rate (CAGR) of 5.20%, is where Nabt is ideally situated. Nabt wants to help businesses and farmers connect in order to take advantage of new opportunities. In order to support the Kingdom’s vision of achieving both food security and economic diversification, the main goal is to strengthen and maintain Saudi Arabia’s food security by building a strong infrastructure for fresh produce. This proactive strategy is expected to increase their market share and promote a creative agriculture industry.
With a focus on technology that aids in national development initiatives, Merak Capital, the top investment firm in this round, has broadened its portfolio across a number of cutting-edge industries, such as e-commerce, sustainable agriculture, and transportation.
