The Dubai-based cloud kitchen platform iKcon has so far secured $10 million funding since its inception, the company said in a statement.
The total funding includes a recently closed pre-series A round of $5 million in July 2020 led by Arzan VC, AlTouq Group, Nazer Group and other investors.
“We plan on launching iKcon’s Series A round in Q4 2020. The funding will fuel iKcon’s regional expansion and technology built out,” Khalid Baareh, Co-Founder and CEO said.
“We are laser focused on developing proprietary technology to accelerate the evolution of data analytics, process automation and AI as a key differentiator in our fast-growing space. The next few years are going to be very exciting and transformational years for the food delivery market,” Khalid added.
According to the company, the Covid-19 pandemic has accelerated the food delivery market’s growth and proven the resiliency of iKcon’s business model.
Currently iKcon operates ten cloud kitchens across the UAE with plans to start operations in Saudi Arabia in Q4 2020 and other countries in the region throughout 2021.
(Writing by Gerard Aoun; editing by Seban Scaria)
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