CarniStore Lands AED 45 Million From EGF

Emirates Growth Fund (EGF) has committed AED 45 million for a strategic minority stake in CarniStore, the Dubai-founded online butchery and smokehouse, marking the fund's first deployment into the food sector.

This is the second investment by EGF. Launched in May 2025, the EGF has a AED 1 billion mandate and is backed by Emirates Development Bank. The fund had earlier invested in Abu Dhabi-based Tarmeem Healthcare Holding.

The CarniStore ticket sits at the upper end of EGF's stated investment range of AED 10 million to AED 50 million per company. EGF targets growth-stage UAE businesses that have outgrown early-stage capital but lack the institutional infrastructure to scale — what it describes as the country's funding 'missing middle'.

The fund takes minority stakes and provides active support across governance, market access, and operational capability, with exits typically through strategic acquisition or stake sale rather than an IPO.

The investment lands at a moment of considerable structural activity in the UAE's food sector. Meat and seafood alone accounted for over 22% of the country's food products market in 2025, according to industry analysis, while the broader UAE foodservice market — valued at roughly $18.6 billion last year — is projected to grow at a compound annual rate of close to 12% through 2034.

Delivery is the fastest-expanding channel, forecast to grow at nearly 19% annually, a dynamic that fits CarniStore's digital-first operating model directly.

For EGF, food security is one of four national priority sectors in its mandate alongside manufacturing, healthcare, and advanced technology — all of which feed into Operation 300bn, the UAE's national strategy to raise the industrial sector's GDP contribution to AED 300 billion by 2031.

Khalifa Al Hajeri, Chief Executive Officer of Emirates Growth Fund, said the fund remained in active deployment mode. "EGF's investment in CarniStore reflects our mandate to support high-potential UAE businesses within the 'missing middle' through strategic capital and active partnership," Al Hajeri said. "Beyond just investing growth equity, we work with founders to strengthen go to market, governance and institutional capability. CarniStore exemplifies the entrepreneurial grit and quality standards we seek in homegrown companies with the potential to evolve into enduring national champions in their industries."

Eight years in, a structural step up

CarniStore was founded in 2018 on a nose-to-tail butchery philosophy and has since expanded into a broader protein portfolio covering meat, seafood, poultry, and smoked goods. It sells to both households and hospitality operators across the UAE — a dual-channel model that has made supply chain rigour and consistent quality central to its proposition.

The brand's digital infrastructure sets it apart from traditional butchery retail, positioning it closer to a tech-enabled food business than a conventional meat supplier. The AED 45 million will go towards industrial scaling, new product verticals, and regional expansion.

Fikry Boutros, Co-Chief Executive Officer and Co-Founder of CarniStore, said the EGF partnership did not represent a change in direction. "This partnership with EGF feels like a natural next step in our journey. We share a belief in building strong, homegrown businesses with a long-term vision and real foundations," Boutros said.

“From day one, our focus has been on raising the standard for quality proteins while supporting the UAE's growing food community. Together, we're excited to keep building, to reach more people, and to shape how meat is sourced and experienced, starting here at home."

That regional ambition is increasingly a live question for UAE food brands. Abu Dhabi's food and beverage sector recorded a 42.2% rise in new SME entries in 2025, according to the Abu Dhabi Chamber of Commerce and Industry, as local food businesses gained momentum on the back of tourism growth and rising domestic consumption. For CarniStore, the EGF backing provides the institutional scaffolding to pursue that opportunity at scale rather than organically.

Daniel Wanies, Co-Chief Executive Officer and Co-Founder of CarniStore, said the deal pointed the brand towards a more active international stance. "EGF's strategic backing allows us to scale CarniStore with real intention, growing our operations and developing new products while protecting the premium quality and service our customers rely on," Wanies said. "It's an important step forward and a reminder that a UAE-born brand can lead internationally, not simply participate."