Savola Group establishes CVC arm with two investments
Saudi Arabia-based food and retail conglomerate Savola Group has established a corporate venture capital (CVC) arm and has completed two investments so far this year. The first was in UAE-based Lyve, formerly One Click Delivery Services, in which Savola led in its Series B investment round. The second was the full acquisition of Saudi- based e-grocery pureplay, Lilbab, Panda Retail Company, which was rebranded as PandaClick in 2020. The transactions were funded from internal cashflows and the amount of investments were undisclosed.
The company’s CVC fund aims to invest in disruptive technologies and opportunities in the food and retail space regionally and globally.