Akeed Delivery, Oman’s leading food delivery app, has raised $2.5 million in its latest funding round, breaking new ground in Oman’s young F&B industry. Initial investors Phaze Ventures and IDO (Sovereign Fund) contributed to the Series A investment. With collaborative investments in tech-driven solutions like automotive marketplace Carzaty and IoT Tech startup eMushrif, the two investors have been very active in promoting sustaining the Omani startup ecosystem.
The startup was founded in 2018 by Moosa Al Lawati, Gaurav Nahar, and Darshan Puranik with the goal of providing a seamless on-demand meal delivery service. The company has expanded into grocery delivery since its launch and today, it has over 1,500 restaurants across the country.
According to Magnitt’s Q3 2021 EVM Food & Beverage Venture Investment report, the F&B industry continues to be the most funded sector in the MENA region. By the third quarter of the year, funding in the F&B sector across MENA had grown by 298% YoY, Egypt leading the way with the largest number of transactions done in the sector by Q3 2021 and the UAE leading on capital deployed in the sector thanks to Kitopi‘s Megadeal. Given the ease of access, scaling possibilities, and value-adding business models, the F&B surge may be traced back to the first-ever food delivery platforms.
F&B delivery startups have made a significant impact in both minor and established markets, where Toters App has raised more than $3.5 million in Lebanon, Alsaree3, an F&B delivery app raised more than $3.5 million in two years in Iraq. Breadfast, a food-delivery startup that raised $2 million in 2019 and closed a $26 million Series A investment earlier this year, was able to scale in more capital-rich markets like Egypt.
CEO Gaurav Nahar spoke about Akeed Delivery’s future intentions in light of this platform-boosting investment. “Our mission has been to digitalize the restaurants and stores with state-of-the-art technology for customers. The support we receive will help us to make technological developments, create more delivery jobs and provide quality service to our customers and vendors.”
Co-founder Moosa Al Lawati added, “We are pleased to announce the round of funding for our business, and we are thankful to our investors, Phaze Ventures and IDO (Sovereign Fund) for supporting a local delivery company.”
The latest investment will help the team strengthen its digital platform and expand on its products, highlighting the incredible potential of the Oman-based startup, which is on a quest to capture the entirety of the local F&B industry. CEO Gaurav Nahar concluded: “We have a long way ahead. But we are just very excited about this round as it opens to us a world full of opportunities. It also showcases the immense potential Omani start-up ecosystem possesses.”