Barakah's Sustainable Vision Attracts Major Investment from FoodLabs

Barakah's Sustainable Vision Attracts Major Investment from FoodLabs

By Press Release, 20 March 2024

Barakah, an online marketplace addressing commercial food waste in the region, proudly announces the strategic funding led by FoodLabs. This landmark investment marks FoodLabs' first foray into the MENA region, highlighting Barakah's exceptional growth trajectory and commitment to sustainability. 

FoodLabs, a highly successful early-stage European VC specialising in foodtech and agritech startups, has an impressive portfolio that includes being the first investor in multiple unicorns and instrumental in building the fastest-growing European unicorn. The decision to partner with Barakah not only sends a strong market signal for startups in the Kingdom and across the MENA region but also aligns with FoodLabs' mission to support innovative ventures tackling pressing global challenges using proprietary technology. 

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

Read More: Saudi Arabia's Foodtech Barakah Raises $1.5 Million in a Seed Funding Round

Established in 2022 by Abdulaziz Al-Saud and Rabah Habiss, Barakah is an online marketplace that aims to reduce food waste by connecting food retailers and consumers for the sale of surplus products and discounted meals. The platform not only helps businesses minimize waste and generate new revenue opportunities but also provides consumers with access to affordable and sustainable food options. 

Since its inception, Barakah has achieved remarkable success, selling over 400 thousand meals that would have otherwise been discarded across six Saudi cities. It has rapidly become one of the most downloaded food and drink apps in Saudi Arabia and has partnerships with over 800 merchants, including global brands like Dunkin and Tim Hortons, as well as major local retailers. Barakah's seamless platform is poised to set a new standard in combating commercial food waste. 

Abdulaziz Al-Saud, CEO of Barakah, expressed his pride in the company's journey so far and the support received from early backers such as Oryx HP, 500 Sanabil, Kaust Innovation Ventures, and Plus VC. Al-Saud believes that collaborating with Christophe Maire and the world-class team at FoodLabs will propel their growth and expand their offerings, leveraging FoodLabs' strategic insights and global Food Tech expertise. 

"Barakah is a venture demonstrating that commerce and growth can drive impact. Saving food waste is a multi-billion-dollar opportunity, and the more Barakah strives, the bigger the positive impact for society and the climate," added Christophe Maire. 

This funding represents a significant milestone for Barakah, paving the way for further expansion within Saudi Arabia and into new GCC markets. With FoodLabs' extensive experience and network, Barakah is well-positioned to achieve its ambitious objectives and promote a more sustainable and responsible global food ecosystem.


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