Middle Eastern start-up Chatfood is acquired; fintech player Twig raises funds
Big ticket funding rounds dominated the startup deal in the Gulf region this week, led by two-year-old UAE-based fintech startup Twig, which reportedly raised over $1 million. Meanwhile, food technology startup ChatFood was acquired by Belgium’s Deliverect for an undisclosed sum.
However, overall deal volume fell compared to the first week of May, where funds were raised directly for client e-commerce brand Squatwolf, business-to-business e-commerce player Eighty6, super app Snoonu and fintech player Tarabut Gateway.
Belgium-based food delivery software as a service (SaaS) provider acquired UAE food industry leader ChatFood for an undisclosed sum.
Founded in 2018 by Benjamin Mouflard and Vinicius Rodrigues, ChatFood is an omnichannel food ordering and data-driven marketing platform, enabling restaurants to accept orders from Instagram and WhatsApp. It also offers ordering and payment at the table along with loyalty solutions.
It had raised $3 million in a July 2022 bridge round led by Antler to set up operations in Saudi Arabia. It had raised $5 million in seed round in 2021 from Beco Capital and Wamda Capital. Since its launch, ChatFood has on board 3,000 hospitality suppliers as its customers. Meanwhile, as a SaaS provider, Deliverect integrates online orders from food delivery channels into restaurants’ POS to improve their operational flow.
The acquisition will enable Deliverect to expand its social media offering among other enhanced offerings in the Middle East.
The Gulf region’s first automated savings platform Twig Solutions reportedly raised over $1 million in a pre-seed round, led by Phoenician VC to support expansion plans in the region.
Other investors in the Dubai-based fintech startup include MMK Capital, Soul Ventures, regional family offices and other angel investors.
Travel tech startup The Digital Hotelier reportedly secured a six-figure sum in a pre-seed round led by Select Ventures Holding to accelerate product development, fuel expansion and increase team size.
The SaaS-based platform, which helps hotels generate direct bookings from guests with higher margins, was founded in 2022 by Qutaiba Alali and Ali Fouad.
It essentially offers a software solution for tourists to book and pay for services at hotels such as room service, spa, food and entertainment, among others, in addition to catering for hotel apartments and holiday homes that offer short stays.
