NOMU aims to become the leading foodtech supply chain platform in the MENA region. Through the merger, the new firm is active in Saudi Arabia, Egypt, Tunisia and Morocco and, according to the company, has the potential to serve 25 million people and 100,000 F&B outlets. NOMU has strategic partnerships with firms including Savola, Almarai and Nestle.
NOMU: Targeting USD 25 million in revenue
“Appetito and Jumlaty have been, separately but similarly, working hard to reinvent the grocery supply chain. Both have focused on reliability, speed, and affordability, building a solid reputation and a loyal customer base of families and F&B businesses. Our merger will set us on the path to reach SAR 100 Million in revenue (USD 25 million) and positive EBITDA within 2023, with important synergies on the tech, marketing and procurement fronts,” said Shehab Mokhtar, CEO of Appetito, now CEO of NOMU.
Salman Attieh, CEO of Jumlaty, now Chairman of NOMU, said, “Both companies shared the same vision on how to transform the industry, combining smart tech, lean operations with a deep focus on unit economics. Together we capture the entire value chain, from monthly shopping to weekly refills and outdoor dining. Most importantly our journey now as one company will be accelerated thanks to an incredible team of international talents and supportive investors.”
Presence in four countries
“The new entity is now present in four countries, Saudi Arabia, Egypt, Tunisia and Morocco, with a smart grid of 16 warehouses, and a capacity to cover the existing infrastructure of 25 million people and 100,000 F&B stores, and delivery promises that range from one hour to next day fulfillment,” said Ahmed Demerdash, COO of Appetito, who continues as COO of NOMU.
According to the new company, it will redeploy its tech teams toward the creation of AI-based algorithms covering smart pricing, predictive demand planning and LTV optimization, and new community-oriented features including group buying, loyalty and embedded finance. Simultaneously, NOMU will adjust its marketing strategy, “keep[ing] local brands where it makes sense and all our apps in all our countries will use a common tech and growth platform,” according to Yassir El Ismaili El Idrissi, Chief Growth and Expansion Officer at Appetito, and now at NOMU.
NOMU will be headquartered in Riyadh, with a holding structure in Abu Dhabi’s International Financial Centre. The company has ambitions to cover Pakistan and key sub-Saharan countries in the near future.
Over the past five years, African foodtech startups have raised USD 1 billion, or 10% of total African startup investment.