UAE - Mubahser: EvolutionX, the growth-stage private credit platform established by Temasek and DBS Bank, led a $50 million growth capital round raised by Kitopi, the Middle East’s leading next-generation F&B ecosystem.
This marks the platform’s first investment in the Gulf region, according to a press release.
Kitopi will use the investment to fuel its expansion across high-growth markets, including the UAE, Saudi Arabia, Qatar, Bahrain, and Kuwait.
Rahul Shah, Partner at EvolutionX, commented: “Kitopi is a standout example of the kind of transformative, tech-driven, scaled-up business that EvolutionX has been set-up to empower, one that combines scale, innovation and execution to reshape a traditional sector. This investment marks our entry into the GCC, a region we see as a rising force in the global innovation landscape."
Mohamad Ballout, CEO and Co-Founder of Kitopi, commented: “As we continue to scale our loyalty app alongside our regional growth and international franchise expansion, this funding round positions us perfectly to capitalize on the growing demand for our brands. What began as a local presence has evolved into a regional platform, and we’re now taking that momentum global.”
Running business over 200 locations, including both restaurants and delivery-only locations across five GCC markets, Kitopi is known for its understanding of consumer preferences, technology-enabled operating model, and its role in shaping the GCC’s F&B landscape.
