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Saudi Arabia’s NOMU Secures $5 Million For Expansion Plans
The FoodTech startup will use the capital to enter new markets across the MENA region and, eventually, Pakistan and Sub-Saharan Africa.
NOMU, the Saudi Arabian food technology startup, has raised $5 million in seed funding that will allow the company to expand further into the Middle East and across North Africa, reaching over 50 cities by 2025.
The Riyadh-based startup received investments from DIV Capital, Core Vision, Shurfah, and Purity for Information Technology. As well as investing in new technology, NOMU will use the funding to grow its business-to-business services across the MENA region’s hotel, restaurant, and cafe sectors.
“NOMU is committed to revolutionizing the FoodTech supply chain, providing greater convenience and efficiency for businesses in the Mena region,” explained Shehab Mokhtar, co-founder, and chief executive of NOMU.
Shehab Mokhtar established NOMU in 2022 alongside Yassir El Ismaili, Salman Attieh, and Ahmed Eldemerdash. The NOMU platform helps to streamline food industry inventory sourcing, financing, storage, and delivery, helping hotels and restaurants run more efficiently. The startup has also launched an app for families to purchase groceries.
So far, NOMU has partnered with key players such as Savola and Procter & Gamble and recorded 10x revenue growth over the last 12 months.
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The company’s success comes at a time when Saudi Arabia is pushing itself as a global hub for emerging technology as part of its grand “Vision 2030” program. The Kingdom was the second-most funded MENA country after the UAE last year, attracting nearly $1 billion in investments as the government attempts to pivot the economy away from its reliance on the oil industry.
Although FinTech was the “industry of choice” for angel investors in Saudi Arabia last year, food and beverage startups like NOMU accounted for the second-most funded industry, raising a substantial $187 million.
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Ericsson And e& Join Forces To Bring Superfast 5G To Egypt
The partnership aims to deliver fast, reliable connectivity to private users and enterprises while supporting cross-sector digital innovation.
At GITEX GLOBAL 2024, Ericsson and e& Egypt announced a groundbreaking partnership to roll out 5G technology across Egypt, promising users enhanced connectivity with faster speeds, reduced latency, and expanded bandwidth. The collaboration will cater to the growing demand for advanced mobile services for both consumers and enterprises alike.
Under the agreement, Ericsson will deliver its energy-efficient 5G product suite to establish the new network. This comprehensive 5G Radio Access Network (5G RAN) portfolio, implemented through the Ericsson Radio System, is designed to support diverse traffic conditions and site types. It aims to provide reliable performance as networks grow across mobile generations, equipping Egypt with a stable, high-capacity infrastructure to foster digital innovation.
The adoption of 5G is expected to provide Egyptians with seamless connectivity and increased network resilience. The expanded bandwidth and lower latency brought by this new infrastructure will support not only faster internet for users but also enhance industry operations and contribute to society as a whole.
“We are thrilled to bring 5G to Egypt with our technology partner, Ericsson. Through this partnership, e& Egypt will be able to provide faster connectivity speeds, larger bandwidth, and lag-free user experience to our customers, unlocking many opportunities for consumers and enterprises,” said Amr Fathy, Chief Technology and Information Officer of e& Egypt. “With Ericsson’s cutting-edge 5G solutions, we are paving the way for a more connected and innovative future for Egypt”.
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Ekow Nelson, Vice President and Head of Global Customer Unit for e& at Ericsson Middle East and Africa, also reflected on the longstanding collaboration: “Our storied partnership with e& Egypt dates back nearly two decades, with two generational shifts in mobile technology. Like previous generational shifts, our ambition with 5G is to extend e& Egypt’s technology position”.
Ericsson and e& Egypt have collaborated successfully for years, achieving notable milestones in network innovation, customer experience, and sustainable development.