Emirates Growth Fund (EGF) has made a significant $12.2 million strategic minority investment into CarniStore, a prominent UAE-based premium protein platform. This funding marks EGF's inaugural entry into the food sector and is poised to accelerate the e-commerce butchery's expansion plans. The partnership underscores a growing commitment to cultivating homegrown businesses into national industry leaders, strengthening the country's food security and economic diversification.
A Strategic Partnership for Growth
The substantial capital injection is earmarked to fuel CarniStore's next phase of development, focusing on industrial scaling and operational enhancement. This financial backing will enable the company, founded in 2018 by Daniel Wanies and Fikry Boutros, to broaden its product offerings by venturing into new verticals. The primary objective is to prepare the brand for institutional readiness and facilitate its penetration into wider regional markets.
Beyond financial support, EGF will act as a strategic partner, collaborating closely with CarniStore's founders to drive long-term value. The fund will provide expertise to strengthen corporate governance, refine the go-to-market strategy, and improve overall institutional capabilities. This hands-on approach is designed to position CarniStore as a benchmark for excellence while preserving its distinct entrepreneurial spirit.
Fostering National Champions in the Food Sector
This investment aligns perfectly with Emirates Growth Fund's core mandate to empower high-potential UAE businesses that occupy the 'missing middle' of the funding landscape. Khalifa Al Hajeri, CEO of EGF, emphasized the fund's commitment to backing strong local enterprises and guiding their growth ambitions. The partnership exemplifies EGF's strategy of nurturing companies with the entrepreneurial grit and quality standards to become enduring national champions.
Since its establishment, CarniStore has carved out a distinct niche in the UAE's premium protein market by blending heritage butchery expertise with a modern, digital-first approach. EGF's decision to invest represents a strong vote of confidence in the scalability and potential of the UAE's locally-rooted F&B sector. This move signals a definitive step in the nation's mission to foster and elevate its own industry leaders.
A Shared Vision for the Future of Premium Protein
CarniStore's co-founder, Fikry Boutros, described the partnership as a natural progression for the company, highlighting a shared vision for building sustainable, homegrown businesses. He reiterated the brand's foundational commitment to elevating quality standards while supporting the local food community. Together, the two entities aim to reshape how premium protein is sourced and experienced by a broader audience, starting from their home base.
Co-founder Daniel Wanies added that EGF's backing enables CarniStore to scale its operations with clear intention and purpose. He stressed the importance of this strategic growth in developing new products without compromising the premium quality and service customers expect. This step is seen as a reminder that a UAE-born brand can lead on the international stage, not simply participate.
The $12.2 million investment from Emirates Growth Fund marks a pivotal moment for CarniStore, providing the resources and strategic guidance needed for significant expansion. This collaboration not only boosts a leading digital butchery but also reinforces the UAE's broader economic strategy of diversifying and strengthening key local industries. As CarniStore prepares for regional growth, this partnership sets a powerful precedent for future investments in the nation's burgeoning food sector.