Wednesday February 21st, 2024
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Lychee Expands to Saudi Arabia With Beltone-Backed Funds

After securing investment led by Beltone Venture Capital, popular Egyptian health house, Lychee, is expanding in the kingdom.

Nouran Saleh

Popular Egyptian health house, Lychee, is heading to Saudi Arabia backed by a series A investment round led by Beltone Venture Capital, a subsidiary of Beltone Financial Holding.

“We saw the potential in the Saudi Arabian market then, the same way we saw it in Egypt in 2012, and knew it would be the first big leap in our regional plan,” Mohamed Assy, founder and CEO of Lychee, tells CairoScene.

Lychee is poised for expansion in the Saudi market, capitalising on the flourishing food and beverages industry in the kingdom, which is projected to reach a value of USD 30 billion by 2030. The company plans to establish 30 branches initially as it taps into this lucrative opportunity.

“Our decision to invest in Lychee was driven by their proven track record of profitability, a solid business plan, and a dedicated team,” Ali Mokhtar, CEO of Beltone Venture Capital, revealed to CairoScene. “This investment aligns with our commitment to supporting innovative, successful ventures that have a clear vision for sustained growth and market leadership.”

Since its establishment in 2012, Lychee has been one of the fastest growing brands with a year-on-year growth of 120% in 2023. It’s known for its health conscious products, Lychee has been a remarkable brand in Egypt’s USD 5 billion food & beverages industry.