Oman's Akeed Delivery raises $2.5M Series A
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Oman’s pioneering food delivery app, Akeed Delivery has made new grounds in Oman’s nascent F&B space, raising $2.5M in its latest funding round. The Series A round was backed by initial investors Phaze Ventures and IDO (Sovereign Fund). The two investors have been highly active in supporting the Omani startup scene, with joint investments in Tech-driven solutions like automotive marketplace Carzaty and IoT Tech startup eMushrif.
Founded in 2018 by Moosa Al Lawati, Gaurav Nahar, and Darshan Puranik Akeed Delivery set forth to provide a seamless on-demand delivery service for food. Since its inception, the startup has expanded into grocery delivery and now boasts of more than 1,500 restaurants across the country.
The Food & Beverage industry remains the most funded sector in MENA as most recently recorded in our Q3 2021 EVM Food & Beverage Venture Investment report. With Egypt at the forefront with the most number of deals closed in F&B by Q3 2021 and the UAE leading on capital deployed in the sector driven by Kitopi’s Megadeal, funding in the F&B sector across MENA has observed a 298% YoY growth by the third quarter of the year. The origins of the F&B boom could be traced back to the first-ever food delivery platforms, given the ease of access, scalability potential, and value-adding business models. F&B delivery startups have made big splashes in small and established markets alike, where, in markets like Lebanon Toters App has raised more than $3.5M in funds over the span of two years, markets like Iraq F&B delivery startup Alsaree3 becomes one of the most anticipated startups coming out of the region. In more capital abundant markets like Egypt, F&B delivery startup Breadfast was able to scale from raising $2M in 2019 to closing their $26M Series A round earlier this year.
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In light of this platform-boosting investment, CEO Gaurav Nahar talked at length about Akeed Delivery’s future plans, “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.”
Highlighting the staggering potential of the Oman-based startup, on a mission to capture the majority of the local F&B market, the latest investment will help the team support its digital platform and expand on its product offerings. 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.”
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