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Riyadh, KSA: Seera Group, the largest travel and tourism company in the region, announced today that it has successfully led a SAR 28 Million Series A funding round of financing for Siwar, a Saudi-based food-tech startup, including participation by other prominent strategic investors. Siwar was launched in 2020 to meet the growing and untapped needs of a new generation of consumers within the F&B market, with a focus on the ‘ready to eat food’ segment.
The strategic partnership brings together Siwar’s core strengths of deep consumer insights and modern product development capabilities, with Seera Group’s highly specialised consumer analytics platform and distribution network, providing an ideal platform to fuel future growth opportunities for both companies.
Commenting on this positive development, Majed AlNefaie, CEO of Seera Group, said: “We are excited to lead the Series A round as consumers are embracing online ordering and eating at home like never before. It's an evolution brought on by the pandemic but taking hold for the long term. Siwar is an innovative, fast-growing, food-tech start-up, and we hope it accelerates the Group’s ability to capitalise on the new realities in Saudi Arabia's ready meals market.”
Loaye AlNahedh, CEO of Siwar, added: "We are delighted with the successful close of the Series A funding round with Seera Group as the lead investor. With the successful fund raise, we will be able to fund our high growth business plan and with Seera Group as a strategic partner, Siwar will have access to resources, research & development, and years of experience that we can tap into to catapult our growth plans. In alignment with Vision 2030, we are progressing swiftly towards addressing evolving market needs and catering to the new generation of food consumers requiring a unique product portfolio that delivers the best of the culinary traditions of the Kingdom in a contemporary technology-enabled format.
© Press Release 2021
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