Watermelon collaborates with Daman Investments to secure $4 million in Series-A funding

Watermelon Ecosystem, a fast-growing startup revolutionising the F&B industry, announces the successful closure of its $4 million Series A funding round, placing the new investors at a 13.8 per cent capital shareholding, implying a post-money valuation of $29 million for the company. The UAE based food industry start-up closes this round following a successful seed round previously concluded in 2022.

The funding round was led by prominent investors with the support of Daman Investments, a leading regional investment firm that acted as the exclusive Fundraising Advisor. Daman Investments through their Investment Management & Advisory (IMA) division specialises in advising and supporting entrepreneurs and companies to raise funding across different stages including but not limited to equity such as PE, VC, Growth Capital and debt such as Private Credit and Structured Finance.

Watermelon plans to utilise the $4 million investment to accelerate its local and regional growth, enhance its technological offerings and expand its market presence. With a strong commitment to boosting efficiency, transparency and sustainability in the F&B industry, this funding will enable the company to further solidify its position as an industry leader.

"We are thrilled to have the support of our esteemed investors and advisers as we embark on the next phase of our growth journey," says Omar AlShamsi, CEO of Watermelon Ecosystem. "This investment will allow us to scale our operations, enhance our product suite, and continue delivering exceptional value to our clients in the F&B sector."

Watermelon has been instrumental in transforming the F&B industry by providing cutting-edge technological solutions and financial tools that drive operational excellence and foster robust connections across the supply chain. The company's focus on local growth and development ensures that its success translates into tangible benefits for its partners and stakeholders.

Daman Investments stated that its primary objective has always been to positively contribute to the growth of the burgeoning new Arab World Economy. The institution takes pride in its role as advisors and facilitators in Watermelon’s journey of growth and looks forward to many more strategic synergies across the UAE’s startup and business landscape.

The UAE has long been recognised as a global leader in technology and innovation, establishing itself as a hub for cutting-edge advancements and pioneering solutions. With a robust infrastructure, forward-thinking policies, and substantial investments in technology, the nation has fostered an environment conducive to growth and innovation. With a strategic focus on innovation and growth, Watermelon is poised to be part of this dynamic landscape, leveraging the UAE's supportive environment to disrupt the food tech industry.