Najm Capital

Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting

K. Al Rashidi · Director

Kitopi

On thesis

Cloud Kitchens & Food Tech·AI & Data Platforms·Growth Equity·Invested 2022·6% stake

Position

Mark1.41x

Gross IRR12%

Invested$100M

LatestNo recent touchpoints recorded.

Ownership + team

6% stake · 1 observer seat1.0x liquidation preference

Dubai cloud-kitchen unicorn · 1.41x mark · $1.4B current · international expansion driving GMV · tech platform differentiation intact

Ask about Kitopi · pulls from SharePoint memos + Snowflake fund DB + firm memory

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Financial profileLatest as of 2026-03-31

GMV$620MLTM Q1 2026 · +34% YoY

Revenue$185MPlatform fees + kitchen rental

MOIC1.41x$1.0B entry → $1.4B mark

Active kitchens280+UAE, KSA, Kuwait, UK

Three-way benchmark

GMVmeasured in $M

Actual

Thesis target

VCP plan

Peer median

Performance update

Q1 2026 GMV $620M LTM · +34% YoY · KSA now 38% of total GMV

London Canary Wharf pilot opened March 2026 · early performance in-line with UAE unit economics

280 active kitchen suites · up from 195 at entry in 2022

SKUDO OS v3.0 launched with AI demand forecasting · waste reduction 28% in pilot kitchens