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)
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