KUWAIT CITY, 10 OCTOBER 2018 — Faith Capital announced today their recent participation in the $4.0m Series A of Bulkwhiz, the Middle East’s first AI driven online bulk grocery platform specializing in offering consumers and small businesses deals on thousands of grocery items to be delivered in bulk to maximize savings and convenience. With this investment, Faith Capital has solidified a longstanding commitment to back founders looking to reinvent how families and SMEs meet their needs by introducing the latest technology to supply chain and logistical operations.
With the increasing pressure on firms in the offline retail and grocery sectors to widen and protect margins while remaining price-competitive, Bulkwhiz launched in 2017 to rapidly take on the multi-billion dollar MENA grocery sector. The founders, mindful of protecting regional purchasing tendencies and browsing habits, have built an intelligent platform capable of learning consumers’ behavior and customizing the shopping experience to best suit their needs. Artificial Intelligence drives decision making across the value chain, with a specific emphasis on personalized experiences, demand planning, logistical efficiency, and streamlined operations.
“We at Faith Capital have kept an eye on startups looking to reinvent and digitize large fragmented offline markets. With so many players in the online grocery business, Bulkwhiz very clearly sets itself apart from the competition with their proprietary technology. Many boast of technology driving their online grocery operations, but only Bulkwhiz has clearly demonstrated their prowess in execution,” said Mohammad Jaffar, CEO of Faith Capital. “We are proud to partner with entrepreneurs like Amira Rashad and Yousef Saber.”
“The volumes in the GCC grocery market are virtually unmatched by any other consumer sector in the region. The grocery business has proven its resilience over the decades, and we believe we have found the breakaway startup that can actually succeed in digitizing the sector by preserving the mechanics of the shopping experience,” said Abdulaziz B Al Loughani, Managing Partner of Faith Capital.
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