Saudi Arabia-based foodtech startup Barakah raised $1.50 million in a seed funding round led by Hambro Perks Oryx Fund, according to a press release.
Key investors, including 500 Global, +VC, KAUST Innovation Ventures, and Annex Investments also participated in the fundraising, along with other strategic angel investors.
The collaboration bridges the gap between sustainability and profitability for food retailers, besides providing consumers with affordable, quality meals and products.
The funds, which are currently serving Riyadh and Jeddah, will back Barakah’s strategic expansion into other major cities in Saudi Arabia. The investment will also boost its offerings in existing markets.
Abdulaziz Al Saud, CEO of Barakah, said: “Our aim at Barakah is to reshape perceptions around surplus food. We have created a platform where excess inventory transforms into a viable business opportunity.”
“Beyond curbing waste, Barakah is building a bridge between food retailers and discerning consumers,” Al Saud continued.
Gary Rubin, Head of KAUST Innovation Ventures, commented: “Barakah’s goal of reducing food waste is fully aligned with both the Kingdom and KAUST’s priority areas of sustainability.”
The platform allows businesses to leverage additional revenue streams, enhance inventory, and connect with a broader consumer base eager for quality and value. Merchants are also provided with an advanced dashboard that offers invaluable business insights and showcases their contribution to sustainability.
Hasan Haider, Founder and Managing Partner at +VC, indicated: “We are excited to have invested in Barakah, a marketplace that helps combat surplus inventory and transform it into a workable business opportunity.”
All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).