CarniStore secures AED 45 million investment from Emirates Growth Fund to scale its premium protein business and expand into new verticals.
UAE based premium food platform CarniStore has raised AED 45 million (approximately $12.3 million) from the Emirates Growth Fund, marking a significant growth stage investment aimed at scaling the company’s operations and strengthening the country’s food sector.
The investment, confirmed through official announcements, represents a strategic minority stake by Emirates Growth Fund (EGF), the UAE’s flagship AED 1 billion growth equity platform backed by Emirates Development Bank. This move aligns with EGF’s mandate to support high-potential local businesses operating in sectors critical to national priorities, including food security and manufacturing.
Founded in 2018 by Fikry Boutros and Daniel Wanies, CarniStore has positioned itself as a premium protein supplier, offering high quality meat products through a vertically integrated model that combines sourcing, processing, and distribution. The company has built a strong presence in the UAE’s food ecosystem, catering to both consumers and businesses.
According to EGF, the capital injection is intended to accelerate CarniStore’s industrial scaling, support expansion into new product categories and verticals, and enhance operational capabilities. The partnership will also focus on strengthening governance structures and driving long term value creation as the company seeks to evolve into a regional leader.
The transaction marks EGF’s first investment in the food sector, signaling increasing investor focus on food security and domestic production capabilities within the UAE. The fund specifically targets companies in the so called “missing middle” growth stage businesses that have outgrown early stage funding but require capital and strategic support to scale further.
The UAE has been actively investing in strengthening its food security infrastructure, with initiatives aimed at boosting local production, improving supply chain resilience, and reducing reliance on imports. Investments in companies like CarniStore reflect a broader strategy to build national champions capable of scaling regionally while contributing to economic diversification.
Across the region, similar companies operating in foodtech and premium supply chains have attracted capital as demand for high quality, traceable food products rises. The integration of technology into sourcing and logistics has further enabled companies to improve efficiency and meet evolving consumer expectations.
With fresh funding secured, CarniStore is expected to expand its footprint across the UAE and potentially into wider regional markets, leveraging EGF’s capital and strategic support to accelerate growth. The deal underscores the increasing role of growth equity platforms in scaling homegrown businesses, particularly in sectors aligned with national development priorities.
