The Growing Business of Foodtech

India

The most funded Foodtech startup in MENA until June 30, 2023 is Dubai-based KITOPI, having raised over US $800M. Second placed Believer Meats from Israel raised less than half of KITOPI, at $388M.

Abu Dhabi&rsquo;s Pure Harvest is among one of the world&rsquo;s most well-funded agtech players, and Saudi&#39;s Nana groceries and Foodics B2B Restaurant SaaS round out the top 5.

Places 6 to 10 are all held by Israeli foodtechs that range from cell cultivation, agritech and compostable packaging - showcasing the country&#39;s deep bench of startups looking to scale.

That said, all of Israel&#39;s 6 startups in this top 10 list, have still fundraised less than UAE&#39;s KITOPI and Pure Harvest put together, due to KITOPI&#39;s unicorn status-sized fundraising efforts.

Top 10 Most Funded Foodtech Startups in the Middle East and North Africa region to Date

Infobytes

As our global population hurtles towards the 10 billion mark by 2050, the hunger for food is reaching unprecedented levels. It&#39;s no secret that the food and agriculture industry reigns supreme as the largest on our planet, catering to a loyal customer-base of 7.9 billion people.

But with this soaring demand comes a cascade of challenges that threaten to shake the very foundations of food production. From population growth to climate change impacts, food wastage in the supply chain to the environmental toll of production, and farming industries on the decline around the world driven by younger generations opting for non-agricultural career paths &ndash; the stakes have never been higher. That&#39;s why the convergence of food and technology has become an urgent imperative.

Food Security Issues that Foodtech Solutions Could Help Address

Food Security Issues that Foodtech Could Help Address

The global economic slowdown impacted fintech funding trends across all regions for the first half of 2023, but the impact was relatively severe in Europe, the Middle East and Africa (EMEA), with investments targeting fintechs dropping by 75% to $4.28 billion, from $17 billion in H1 2022. When comparing to North America, which registered $12.4 billion - EMEA simply didn&#39;t have the mega-rounds to save it like the US had. Stripe&#39;s $6.87 billion deal makes up more than half of North America&#39;s H1 2023 raise.&nbsp;

Meanwhile, Asia-Pacific saw only a 19% fall, with funding activity totaling $5.68 billion. $850 million of APAC funding comes from PhonePe in India. Latin America fell far short of the $1 billion mark, posting an 85% drop on a year-over-year basis, with only $514 million in fintech investments.

Top 10 Most Funded Foodtech Scaleups in MENA to Date

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