EvolutionX, a private credit platform backed by Temasek and DBS Bank, has made its first investment in the Gulf region. It led a $50 million funding round for Kitopi, a leading food and beverage company in the Middle East.
The funding will help Kitopi grow its homegrown food brands in fast-growing markets such as the UAE, Saudi Arabia, Qatar, Bahrain, and Kuwait.
The investment comes after Kitopi reached profitability and will support faster expansion, including scaling its franchising plans across the region and internationally.
This new investment confirms Kitopi’s strong position as a leader in the Middle East’s modern food and beverage industry. The company uses technology along with consistent hospitality to deliver a great experience for customers.
Kitopi operates more than 200 locations across five GCC countries, including both dine-in restaurants and delivery-only kitchens. With its own in-house tech platform called SKOS Kitopi understands customer preferences well and uses technology to run its operations efficiently, helping shape the region’s F&B sector.
“As we continue to scale our loyalty app alongside our regional growth and international franchise expansion, this funding round positions us perfectly to capitalize on the growing demand for our brands. What began as a local presence has evolved into a regional platform, and we’re now taking that momentum global.”, said Mohamad Ballout, CEO and Co-Founder, Kitopi.
This investment marks EvolutionX’s entry into the GCC market. It is part of the company’s larger goal to offer flexible funding options that allow fast-growing, tech-driven companies to raise capital without giving up too much ownership.
EvolutionX supports growth-stage and pre-IPO companies across sectors such as technology, consumer, healthcare, financial services, electric mobility, and digital infrastructure. Since launching in 2022, it has invested around $450 million in leading companies across Asia, building a strong reputation as a trusted funding partner.
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