Revival Lab Signs $13.6M Investment Partnership to Support F&B in KSA
Through this partnership, United Investments will acquire more than 30 new and upcoming F&B startups.
Revival Lab, a Saudi-based venture builder, has announced the signing of an investment partnership worth $13.6 million with United Investments to support food and beverage (F&B) startups in Saudi Arabia.
Through this partnership, United will acquire more than 30 new and upcoming F&B startups and help them expand across the country, while also supporting them to transition to a cloud kitchen.
“We seek to strengthen local brands in the food and beverage sector and help build their plans for growth and expansion inside and outside the Kingdom by improving expenditure efficiency and developing operational excellence plans,” said Mohammed bin Abdulhadi AlQahtani, CEO of United.
Since it was founded in 2022, United has acquired more than 20 F&B companies to date, with an estimated 100 branches in total. Meanwhile, earlier this December, Revival Lab launched a new venture builder, Fintactics Ventures, to support promising fintechs in the region and across the world. The new venture was supported by an estimated $40 million.
Saudi Arabia’s startup ecosystem has been booming lately despite the funding crunch taking place globally. In the first half of the year, Saudi Arabia raised a record $584 million, surpassing the total amount deployed in all of 2021, according to the H1 2022 Saudi Arabia Venture Capital Report. F&B was the most funded sector, raising $187 million in H1’22, a 598% increase compared to the same period last year.