Saudi agtech startup Nabt has raised $1.5 million in a seed spherical led by Merak Capital, it introduced on Monday. The spherical was additionally joined by a number of angel traders.
Based in 2022 by Abdullah Alotaibi, Nabt operates a three-sided market connecting farmers, companies, and supply companions. The platform permits farmers to promote contemporary produce on to inns, eating places, catering firms, supermarkets, and different enterprise prospects.
The platform eliminates conventional middlemen to make sure transparency between farmers and companies, providing same-day supply and clear pricing. Farmers obtain enterprise analytics and reporting instruments to optimize their operations, whereas companies can entry a number of cost choices together with Mada, Visa, Mastercard, and STC Pay.
The startup is part of Sunbolah FoodTech Accelerator, a program launched earlier this yr by the Saudi Ministry of Surroundings, Water, and Agriculture (MEWA) to assist foodtech startups.
Abdullah Alotaibi, Founder and CEO of Nabt, commenting on the funding, mentioned, “We lengthen our gratitude to Merak Capital, our angel traders, and the Sunbolah Foodtech Accelerator program for his or her confidence in our imaginative and prescient. We’re dedicated to reworking the contemporary produce provide chain by transparency and sustainability. This funding will allow us to leverage know-how to reinforce meals safety and assist native farmers, aligning with the objectives of Imaginative and prescient 2030.”
Abdullah Altamami, Founder and CEO of Merak Capital, mentioned, “At Merak Capital, our dedication lies in harnessing Nabt’s know-how platform to revolutionize the contemporary produce trade within the Kingdom. The funding aligns seamlessly with our core mission of championing revolutionary startups with a robust concentrate on know-how.”
“We’re obsessed with Nabt’s potential to create a considerable influence within the agriculture sector. Our collaboration with them completely aligns with our overarching goal of investing in firms that provide technological options within the FoodTech sector, thereby enhancing meals safety and sustainability within the area,” he added.
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