Sharikat Mubasher: EvolutionX, the growth-stage private credit platform, announced its first investment in the GCC region, leading a $50 million growth capital round raised by Kitopi, the leading next-generation F&B ecosystem in the Middle East.
The funding will help Kitopi accelerate the expansion of its leading homegrown brands across high-growth markets, including the UAE, Saudi Arabia, Qatar, Bahrain, and Kuwait, according to the official statement.
Kitopi will also use the capital to fuel its franchising plans in the region and beyond.
This investment validates Kitopi’s market leadership in building the Middle East’s next-gen F&B ecosystem, combining technology with consistent hospitality to deliver strong customer experiences.
Mohamad Ballout, CEO and Co-Founder of Kitopi, said: “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.”
For his part, Rahul Shah, Partner at EvolutionX, commented: “This investment marks our entry into the GCC, a region we see as a rising force in the global innovation landscape. We are proud to partner with Kitopi, a company that is reshaping F&B business models and reimagining customer engagement. As they scale their ecosystem and elevate food experiences across the region and beyond, we look forward to supporting their next chapter of growth and innovation.”
EvolutionX targets new-age businesses across sectors, including technology, consumer, healthcare, financial services, electric mobility, and digital infrastructure.
