Kitopi Raises $50M as EvolutionX Makes First GCC Bet

Kitopi secures $50M in growth capital led by EvolutionX as the Temasek-backed fund makes its first investment in the GCC, backing the region’s leading tech-driven F&B platform.

Kitopi has raised $50 million in growth capital in a round led by EvolutionX, marking the private credit platform’s first investment in the Gulf region and a notable vote of confidence in the Middle East’s next generation of scaled, tech-enabled consumer businesses.

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EvolutionX — the growth-stage private credit firm backed by Temasek and DBS Bank — said the investment follows Kitopi’s achievement of profitability and will support the expansion of its homegrown F&B brands across high-growth GCC markets, including the UAE, Saudi Arabia, Qatar, Bahrain, and Kuwait. The capital will also accelerate Kitopi’s regional and international franchising ambitions.

Founded in the UAE, Kitopi has evolved from a cloud kitchen operator into a full-stack F&B ecosystem, combining technology, brand building, and operational execution at scale. Today, the company operates more than 200 locations across five GCC markets, spanning both dine-in restaurants and delivery-only formats, supported by its proprietary operating system, SKOS.

“This investment marks our entry into the GCC — a region we see as a rising force in the global innovation landscape,” said Rahul Shah, Partner at EvolutionX. “Kitopi exemplifies the kind of scaled, tech-driven business we were built to support — one that is reshaping a traditional sector through execution and innovation.”

For Kitopi, the funding strengthens its push beyond regional dominance toward global expansion. CEO and co-founder Mohamad Ballout said the company plans to scale its loyalty app in parallel with its international franchise rollout, positioning the business to capture growing consumer demand across multiple markets.

“What began as a local presence has evolved into a regional platform,” Ballout said. “This round positions us to take that momentum global.”

The deal underscores EvolutionX’s broader strategy of deploying flexible, less-dilutive capital into growth-stage companies across emerging innovation hubs. Since launching in 2022, the fund has committed approximately $450 million across category-leading businesses in Asia and is now extending that playbook into the Gulf.

Why Kitopi  Matters to MENA 

Kitopi’s $50 million raise highlights a growing shift in MENA’s startup ecosystem: scaled, profitable operators are increasingly attracting private credit, not just venture capital. For founders, this signals new pathways to growth funding that are less dilutive and better aligned with expansion-stage needs.

From an investor perspective, EvolutionX’s GCC entry reinforces the region’s emergence as a credible destination for global capital targeting consumer infrastructure, platform-driven brands, and operationally disciplined businesses. As food security, localization, and tech-enabled supply chains become strategic priorities across the Gulf, companies like Kitopi sit at the intersection of consumer demand, technology, and regional resilience.

In short, this deal is not just about food — it’s about how capital is evolving in MENA, and which founders are now best positioned to scale globally from the region.