Sunday May 19th, 2024
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Saudi Foodtech Barakah Raises Investment From German-based VC FoodLabs

Barakah is an online marketplace connecting food retailers and consumers to reduce food waste and offer discounted meals.

Startup Scene

Saudi Foodtech Barakah Raises Investment From German-based VC FoodLabs

Barakah, a Saudi Arabia-based foodtech startup, has secured a strategic funding round from German-based VC FoodLabs, marking FoodLabs' inaugural investment in a MENA-based startup. This investment underscores Barakah's notable growth trajectory and commitment to sustainability, addressing commercial food waste in the region.

Founded in 2022 by Rabah Habiss and Abdulaziz Al Saud, Barakah operates as an online marketplace connecting food retailers and consumers to reduce waste, offer discounted meals, and provide affordable, sustainable food options. Its innovative approach enables restaurants, bakeries, and groceries to sell surplus inventory through its app, thereby combating food waste in the industry.

"Barakah's model is beneficial for customers, retail partners, and the planet,” Christophe Maire, Founder and Managing Partner at Food Labs, tells StartupScene. “We are supporting a brilliant team with ambitions to expand throughout the GCC and achieve global success with top Saudi tech talent."

FoodLabs, a renowned European VC specializing in foodtech and agritech startups, has been the first investor in multiple unicorns and instrumental in building the fastest-growing European unicorn. Their decision to partner with Barakah not only signals strong support for startups in Saudi Arabia and the broader MENA region but also aligns with FoodLabs' mission to back ventures leveraging technology to address global challenges.

Since its inception, Barakah has sold over 400 thousand meals that would have otherwise gone to waste across six Saudi cities. The startup has rapidly gained popularity, becoming one of Saudi Arabia's most downloaded food and drink apps, with partnerships extending to over 800 merchants, including global brands like Dunkin and Tim Hortons, as well as major local retailers.

This latest funding round, following a $1.5 million Seed round in September 2023 led by Hambro Perks Oryx Fund, will support the startup's expansion within Saudi Arabia and entry into new GCC markets.

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