Saudi Arabia’s Nomu Group gets $5 million in seed funding

Nomu Group, the Food & Beverage supply chain by the Kingdom of Saudi Arabia, has raised $5 million in a seed-funding round to expand the business into new markets in the Middle East and North Africa (MENA) region.

Saudi Arabian food technology start-up Nomu Group aims to invest in technology. The Riyadh-based start-up received funding from DIV Capital, a privately owned single family office, Shurfah, a real estate developer in Riyadh, Core Vision, an investment firm headquartered in Riyadh, and Purity for Information Technology, the Information Technology and Services company.

The company will reportedly use the fund to expand its business-to-business services to hotels, restaurants and cafes, said Shehab Mokhtar, co-founder and chief executive officer (CEO) of NOMU Group.

The FoodTech supply chain company also aims to invest in new technology and expand its business into new markets in other Middle East countries. According to reports, the company already operates in Saudi Arabia, Egypt, Tunisia and Morocco.

The company said that the Nomu Group has planned to expand the business to 50 cities in the Middle East and North Africa region by 2025. The company has also planned to build an AI (artificial intelligence) assistant procurement officer chatbot.

According to The National, Mokhtar said, “Nomu is committed to revolutionizing the FoodTech supply chain, providing greater convenience and efficiency for businesses in the MENA region.”

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Mokhtar, Salman Attieh, Yassir El Ismaili b Ahmed Eldemerdash established the Nomu Group last year. In 2022, Saudi Arabian start-ups had a 72 per cent growth in venture financing.

Last month, South Korea and the Kingdom of Saudi Arabia announced the establishment of a $160 million joint fund to invest in South Korea’s and Saudi companies. Saudi Arabia and South Korea agreed to invest around 10 million dollars in South Korean companies through the fund.