A one-stop-shop for B2B fresh produce needs, the startup’s predictive technology has attracted big investors for its first round of funding.
“Food supply, reimagined” is a phrase that quickly follows the Right Farm name, anywhere it’s found. Indeed, the UAE-based agritech’s mission is to improve the food supply chain across the MENAP region, an issue that we often wrongly assume exists solely in markets like Egypt and Pakistan. Alas, even the UAE has many a hole to be filled and Right Farm’s seed round of $2.8 million will help the outfit in its aggressive regional expansion and the development of its tech.
Led by Abu Dhabi’s DisruptAD and venture studio, Enhance Ventures, the round represents the startup’s first injection of capital, after its launch in 2021. Founded by Elie Skaf (CEO), Mazen Mourad (COO) and Mohammad Abu Ajamieh (CTO), Right Farms looks to address the issues that exist in the fresh produce supply chain by optimising sourcing and procurement for relevant businesses. The one-stop-shop uses predictive technology that facilitates routing, operations and purchasing, offering access to over 1,000 fruits, vegetables and even microgreens and delivering within 12 hours of order.
The investment continues the ascendency of MENA’s e-commerce sector in a still young 2022. Across 21 deals, Q1 2022 has seen e-commerce startups raise $63.9 million more than Q1 2021, representing a 149% growth. Interestingly, however, the UAE’s e-commerce sector had, before Right Farm’s raise, rake in just $3.5 million in Q1 2022, an 88% dip from Q1 2021’s $29.6.
This needn’t put a dampener on proceedings, however, with UAE ranking first in the MENAP region for venture capital investments in 2021, reaching an impressive $1.17 billion in overall funds raised across 155 deals - form that is expected to continue in 2022.
On the part of Right Farms, this round positions them to optimise the sourcing process, with a view to creating a more sustainable and efficient supply chain.
“We have established product-market fit and are developing technology to modernise the fresh produce industry to ensure seamless customer experience while maximising operational efficiency and enabling scale across markets,” said Elie Skaf. “By closing this funding round, we are confident our business will capture further growth opportunities across different segments of the market as we build a sustainable and commercially viable business."
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