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Saudi Agritech Startup Nabt Secures USD 1.5M Seed Funding

Saudi Agritech Startup Nabt Secures USD 1.5M Seed Funding
Abdullah Altamami, Founder and CEO of Merak Capital

– Nabt, a Saudi agritech startup, raised USD 1.5 million in a seed investment round led by Merak Capital, enabling the company to accelerate product development and expand its market reach to transform Saudi Arabia’s fresh produce ecosystem.

– Merak Capital, focused on technology-driven investments across sectors like transportation, sustainable agriculture, and e-commerce, sees this investment as a key step toward enhancing food security and sustainability in the Kingdom, aligned with national development goals.

– The platform, a B2B marketplace connecting farmers with businesses, promotes efficiency and transparency in the supply chain, contributing to Saudi Arabia’s food security and aligning with Vision 2030’s objectives.

Nabt, a Saudi agritech startup, raised USD 1.5 million in a seed round during Q3 2024, led by Merak Capital, with contributions from prominent angel investors. The funds will be used to accelerate product development and broaden Nabt’s market reach, bolstering efforts to reshape Saudi Arabia’s fresh produce ecosystem.

Merak Capital, known for its investments in technology-driven sectors like sustainable agriculture, transportation, and e-commerce, emphasized Nabt’s alignment with national goals of advancing technological solutions for food security.

Nabt operates a B2B marketplace connecting farmers with businesses, promoting transparency, efficiency, and sustainability across the fresh produce supply chain.

Nabt participated in the Sunbolah FoodTech Accelerator program, a Ministry of Environment, Water, and Agriculture (MEWA) initiative supporting innovation in the agricultural sector.

Leaders from Merak Capital and MEWA highlighted Nabt’s potential to revolutionize the Kingdom’s agricultural landscape, furthering the country’s Vision 2030 goals of self-sufficiency in food production and economic diversification.

Abdullah Altamami, Founder and CEO of Merak Capital commented:  “At Merak Capital, our commitment lies in harnessing Nabt’s technology platform to revolutionize the fresh produce industry in the Kingdom.

“The investment aligns seamlessly with our core mission of championing innovative startups with a strong focus on technology. We are enthusiastic about Nabt’s potential to create a substantial impact in the agriculture sector. Our collaboration with them perfectly aligns with our overarching objective of investing in companies that offer technological solutions in the FoodTech sector, thereby enhancing food security and sustainability in the region.”

Ali Alsabhan, General Manager of Entrepreneurship, Ministry of Environment, Water and Agriculture added: “It has been inspiring to witness Nabt’s evolution throughout the Sunbolah Foodtech Accelerator program.

Abdullah Alotaibi, Founder and CEO of Nabt, stated: “We extend our gratitude to Merak Capital, our angel investors, and Sunbolah Foodtech Accelerator program for their confidence in our vision. We are committed to transforming the fresh produce supply chain through transparency and sustainability.

“This investment will enable us to leverage technology to enhance food security and support local farmers, aligning with the goals of Vision 2030. We look forward to making a meaningful impact in the agricultural sector.”

With Saudi Arabia’s agricultural market projected to grow from USD 18.77 billion in 2024 to USD 24.14 billion by 2029, Nabt aims to enhance food security through advanced infrastructure and sustainable practices.

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