Saudi's top VC deal: Food startup Jahez secures $36mln in Series A funding

Jahez operates a food delivery platform offering a full logistics solution with its own proprietary delivery capabilities.

  
Image used for illustrative purpose. Top view of woman at wooden desk with credit card and laptop.

Image used for illustrative purpose. Top view of woman at wooden desk with credit card and laptop.

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Saudi Arabia-based food delivery startup Jahez, has closed a $36 million (137 million Saudi riyals) Series A funding round led by Impact46, marking the largest venture capital (VC) deal of its kind in the kingdom so far this year.

Jahez operates a food delivery platform offering a full logistics solution with its own proprietary delivery capabilities.

Saudi Arabia witnessed an unprecedented leapfrog in its online food delivery market for the past few years, reaching ~ SAR4.4billion in 2019.

Founded in 2016, Jahez can integrate any merchant with its proprietary remote onboarding mobile application. The platform automates the inbound order flow through a single point, given by Jahez, and provides last-mile delivery service as well.

The Saudi startup's success has been attributed to its partnership approach towards stakeholders - restaurants, couriers and customers.

Ghassab Al-Mandil, co-founder and CEO at Jahez said the company was set up with the goal of giving restaurants the tools they need to remain competitive in a digital world.

"With this funding round, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, expanding in new verticals and developing our in-house technology, while keeping excellent customer experience at the core,” Al Mandil said.

Jahez claims to have served 3 million users through its partners' fleet of 15,000 freelance couriers and processed more than 20 million orders.

Abdulaziz Al Omran, partner at Impact46, said: “Seeing how the team has stepped up during the lockdown to help many restaurants and grocery stores offer delivery services in a matter of hours has only reinforced our conviction that this start-up is something special.”

(Writing by Seban Scaria, editing by Anoop Menon)

seban.scaria@refinitiv.com

#Saudi #Deals #Series A #Funding #Jahez  

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