Eighty6, the online procurement platform, has raised $3.70 million in a Seed round from Sanabil 500 MENA Seed Accelerator Fund as well as a few GCC family offices and other investors.
The proceeds of the fundraising transaction will boost Eighty6’s technological capabilities and expand its operations in the UAE in addition to launching in Saudi Arabia and Kuwait, according to a press release.
Eighty6 is currently engaged in an extensive recruitment drive such as building its Saudi team, besides doubling the size of its tech team and initiating the hiring process for its operations in Kuwait.
The startup was founded in 2021 by Abdul Kader Saadi as a marketplace to enhance communication and fulfilment between the suppliers and buyers within the food and beverage (F&B) sector.
Saadi commented: "Our platform offers a tech-focused solution that addresses the pain points faced on a daily basis by operators and suppliers."
He added: "With Eighty6, the users are empowered with deep data and can expect to benefit from machine learning capabilities in the future."
The founder of the platform noted that Apostolos Binomakis and Mohamad Bhojani are joining the board of directors.
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