Riyadh - KASO, a Saudi B2B platform digitising and automating procurement between restaurants and food suppliers in the Middle East, has secured $10.50 million in a seed funding round to support its mission of disrupting the food supply chain, according to a press release.

The lenders’ list included BY VP, Hala Ventures, Seedra Ventures, Pioneer Fund, and Spade Ventures. Other participants were Derayah, Vulpes Ventures, Cyfr, and regional family offices, in addition to strategic investors from Saudi Arabia and previous investors like GFC and MSA.

The foodtech startup aims to use the proceeds of the funding in expanding its operations, developing its platform, and achieving a gross merchandise volume (GMV) of $1 billion within one year.

KASO, which was launched in 2021, has grown five times in 2022 and has over 5,000 partners in Saudi Arabia and the UAE.

The platform further aims to help in addressing the issue of food waste in the MENA region, which is estimated to be around 250 kilograms (kg) per capita on an annual basis.

‍Co-Founder of KASO, Manar Alkassar, said: “We are extremely proud to be partnering with globally renowned brands such as Burger King, Buffalo Wild Wings, Tim Hortons, Caribou Coffee, Chili’s, and many more. Additionally, it is very encouraging to see strong regional and international investors joining us, especially considering the challenges some startups currently face in the fundraising market.”

Alkassar elaborated: “This reaffirms our vision to revolutionise one of the oldest industries on the planet, an industry that still runs on pen and paper, phone calls, and WhatsApp.”

He concluded: “In line with our commitment to tackling these inefficiencies, we are excited to announce the launch of our fintech vertical, which will offer payments and credit facilities to restaurants, further solving key challenges in the industry. By combining our procurement platform with innovative financial solutions, we are enabling restaurants to thrive in a competitive landscape.”

Ahmed Soliman, Co-Founder of KASO, added, “The [food and beverage] F&B industry in the MENA region was valued at $135 billion in 2020 and is expected to grow to $171 billion by 2024. Our platform has already made a significant impact in reducing inefficiencies in the industry and we are confident that we can continue to make strides towards a more sustainable future”.‍

Meanwhile, Hala Ventures’ Founder and Chairman, Ali Abussaud, commented: “We believe that KASO is perfectly positioned to disrupt the food industry in KSA and the Middle East. Their commitment to reducing inefficiencies and promoting sustainability aligns with our values and we are thrilled to be a part of their journey.”

Recently, the startup managed to form partnerships with companies like Foodics and is expected to announce more soon.

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