Saudi Food Tech Kaso raises $10.5M Seed round

• Saudi Arabian startup foodtech Kaso has raised $10.5 million in a seed funding round and launched a Fintech platform
• Kaso was founded in 2021 by Manar Alkassar and Ahmed Soliman.
• Kaso's initial seed round of funding in 2021 amounted to $2.1 million and was led by Global Founders Capital and MSA Novo, with participation from Silicon Valley's Y Combinator.
• The latest seed funding round saw participation from Spade Ventures, Hala Ventures and Seedra Ventures, Oman-based Cyfr Capital, Jersey's BY Venture Partners, San Francisco's Pioneer Fund and Singapore's Vulpes Ventures.

Saudi Arabian startup Kaso has successfully raised $10.5 million in a recent seed funding round to support its newly launched FinTech platform, as reported by The National. The platform will bolster Kaso's operations in the Middle East's food and beverage procurement market.

The business-to-business company aims to enhance its restaurant supply management tools, benefiting its 5,000-plus partners in the UAE and Saudi Arabia. Kaso has set an ambitious target of achieving a gross merchandise value of $1 billion within 12 months. The funding round saw participation from prominent investors such as Spade Ventures, Hala Ventures, Seedra Ventures, Cyfr Capital, BY Venture Partners, Pioneer Fund, Vulpes Ventures, Global Founders Capital, Singapore's MSA Novo, and Y Combinator.

“It is very encouraging to see strong regional and international investors joining us, especially considering the challenges some start-ups currently face in the fundraising market,” said Manar Alkassar, co-founder of Kaso.

Kaso seeks to revolutionize the food and beverage supply chain by digitalizing relationships between restaurants and suppliers, optimizing efficiency, and reducing food waste. By offering payment and credit facilities to restaurants, the FinTech platform addresses key industry challenges.

Although expansion plans beyond the UAE and Saudi Arabia were not disclosed, Kaso's founders expressed confidence in their ability to make a sustainable impact on the industry.

“Our platform has already made a significant impact in reducing inefficiencies in the industry and we are confident that we can continue to make strides towards a more sustainable future,” said Ahmed Soliman, co-founder of Kaso.

With the Middle East's F&B market projected to reach $128.2 billion by 2029, Kaso's growth potential remains substantial. Notable brands such as Burger King, Buffalo Wild Wings, Caribou Coffee, Chili’s, and Tim Hortons are among Kaso's partners.

Related: Jahez: 5 Years to Unicorn-Dom in Saudi Arabia’s Hypergrowth Consumer-Tech Market