Saudi Arabia's Foodtech Barakah Raises $1.5 Million in a Seed Funding Round
Barakah, an innovative online marketplace transforming the way food retailers manage their surplus products, announces the successful completion of its seed funding round, securing a $1.5 million investment.
With a rapidly growing base of food retailers and consumers, Barakah has been at the forefront of disrupting how restaurants, bakeries, and groceries monetize their surplus inventory, saving over 100,000 meals from going to waste in just 10 months.
The funding round, led by Hambro Perks Oryx Fund, saw the participation of other prominent investors, including 500 Global, +VC, KAUST Innovation Ventures, Annex Investments, and strategic angel investors. Their commitment underscores Barakah's unique value proposition, bridging the gap between sustainability and profitability for food retailers while providing consumers with affordable, quality meals and products -thus creating win-win scenarios for both retailers and consumers.
"Hambro Perks Oryx Fund is delighted to be an early supporter and investor in Barakah, one of the fastest-growing food-tech startups in the Kingdom of Saudi Arabia,” comments Ivo Detelinov, General Partner of Hambro Perks Oryx Fund. “The company tackles the significant challenge of food waste by providing a platform where surplus food is sold to consumers at discounted
prices. We are very excited to join forces with the talented team at Barakah and a group of esteemed co-investors as we embark on this vital journey to reshape the food tech sector in Saudi and beyond."
“Barakah’s goal of reducing food waste is fully aligned with both the Kingdom and KAUST’s priority areas of sustainability. With its strong and capable team and unique proposition, Barakah is perfectly positioned to service this region and in doing so create a truly transformational company. Barakah secured investment from KAUST as a winning participant in KAUST’s flagship Taqadam accelerator program. We look forward to the impact Barakah will make and are excited to be a part of their journey of growth and success.” comments Gary Rubin, Head of KAUST Innovation Ventures
Currently serving Riyadh and Jeddah, the funds will allow Barakah’s strategic expansion into other major cities in Saudi Arabia. Furthermore, this investment will enhance Barakah's offerings in existing markets, underscoring its commitment to its partners and customers.
“Our aim at Barakah is to reshape perceptions around surplus food" comments Abdulaziz Al-Saud, CEO of Barakah. "We've created a platform where excess inventory transforms into a viable business opportunity. Our partners gain a valuable solution to drive revenue and operational efficiency, while our customers enjoy fresh meals and products at unmatched prices. Beyond curbing waste, Barakah is building a bridge between food retailers and discerning consumers.”
Barakah's genius lies in its simplicity. Collaborating with a broad range of food retailers, from quaint bakeries to bustling restaurants and grocers, Barakah offers an avenue where surplus inventory is not just discarded but becomes an opportunity. The platform allows businesses to tap into additional revenue streams, optimize inventory, and connect with a broader consumer base eager for quality and value. Merchants are also equipped with a cutting-edge dashboard that offers invaluable business insights and showcases their contribution to sustainability.
“Barakah stands out primarily due to its underlying digital philosophy.” states CTO Rabah Habiss. “Beyond offering retailers a space to list surplus inventory seamlessly, our platform curates a unique food shopping experience for consumers. Simultaneously, we empower businesses with a range of solutions to effectively minimize their waste, without adding any operational burden.”
“We are excited to join Barakah’s journey and support their mission to tackle inefficiencies in the food service industry. Their marketplace solution aims to benefit both food providers and consumers while reducing food waste. We are proud to support the Barakah team in their efforts to grow their business.” comments Amal Dokhan, General Partner of 500 Global.
Commenting on the announcement, Hasan Haider, Founder and Managing Partner at +VC said: “We are excited to have invested in Barakah, a marketplace that helps combat surplus inventory and transform it into a workable business opportunity. Today, with tons of food being wasted
every day, Barakah emerges as the ideal solution that creates new standards and offers consumers and businesses unmatched value. Its rapidly increasing client footprint is a testament to the company’s positioning as one of the leading platforms in the food industry. We are pleased to support the outstanding Barakah team as they expand, continue to innovate, and establish themselves as pioneers in this space.”
In the ever-evolving food-tech space, Barakah is poised to disrupt. Setting new standards and delivering unmatched value for retailers and consumers alike. This recent funding accelerates Barakah's journey in driving positive change within the food industry.
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