Savola Group, a Saudi Arabia-based food and retail conglomerate, has set up its corporate venturing unit and completed its first investment.
Its corporate venture capital fund will invest in disruptive technologies and opportunities in the food and retail space, according to news provider Wamda.
Savola backed UAE-based logistics company Lyve, formerly known as One Click Delivery Services, as lead investor in its series B round of undisclosed amount.
In December 2017, venture capital firm Middle East Venture Partners (MEVP) backed Dubai-based One Click Delivery Services.
Savola also acquired for an undisclosed amount Saudi-based online grocery company, Lilbab, Panda Retail Company, which was rebranded as PandaClick in 2020.
Waleed Khalid Fatani, CEO at Savola Group since the start of the year, told Wamda: “These investments are important pivot plays for us as a group.
“The programme’s focus is to offer opportunities for our operating portfolio companies to benefit from innovative business models to maintain their edge while allowing the group some capital allocation directly or indirectly in digital and new innovative models in our core sectors.”
The fund will focus on series A and B investments “that could benefit from our knowledge of the regions we operate in and/or be able to work with our operating companies on new business models within the digital economy”, he added.
