KASO, the top B2B platform digitizing and automating procurement between restaurants and food suppliers in the Middle East, has announced that it has received $10.5 million in seed funding to help it with its goal of disrupting the food supply chain.
KASO’s commitment to sustainability in the food and beverage business fits perfectly with the UAE’s focus for 2023, which is the Year of Sustainability.
Investors include BY VP, Hala Ventures, Seedra Ventures, Pioneer Fund, Spade Ventures, Derayah, Vulpes Ventures, Cyfr, regional family offices, and other strategic investors from KSA. Previous investors, such as GFC and MSA, have also given money.
The Middle East-based company, which started in 2021, has grown five times in the past year and now has more than 5,000 partners in the KSA and UAE.
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More about KASO engagements
In addition to its platform, KASO has successfully launched a fintech vertical offering payments and extended credit terms to restaurants while ensuring suppliers are paid seamlessly and on time.
This service provides financial flexibility and transparency for both parties and further highlights KASO’s commitment to leveraging technology to create effective solutions in the food supply chain.
“We are very proud to be working with well-known names like Burger King, Buffalo Wild Wings, Tim Hortons, Caribou Coffee, Chilli’s, and many more.
Also, it is very encouraging to see strong regional and foreign investors join us, especially since some startups are having trouble getting funding right now.
This backs up our plan to change one of the world’s oldest businesses, which is still based on pen and paper, phone calls, and WhatsApp. As part of our plan to fix these problems, we are excited to announce the start of our fintech vertical.
This will allow restaurants to accept payments and get credit, which will help solve some of the biggest problems in the industry. Manar Alkassar, co-founder of KASO, said, “By combining our procurement platform with new financial solutions, we help restaurants thrive in a competitive market.”
KASO also keeps working to solve the big problem of food waste in the MENA area, which is about 250 kg per person per year. One of the main reasons for KASO’s success has been its goal to cut down on food waste in the area, which continues to attract top investors.
The innovative way that the company’s app connects restaurants and providers has already made a big difference in the industry.
Ahmed Soliman, Co-founder of KASO, added, “The F&B industry in the MENA region was valued at $135 billion in 2020 and is expected to grow to $171 billion by 2024.
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”.
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KASO hopes to use the money to grow its business, improve its technology platform, and reach a GMV of $1 billion in a year.
“We think that KASO is just what the food business in KSA and the Middle East needs to shake things up. Ali Abussaud, the founder and chairman of Hala Ventures, said, “Their commitment to reducing waste and promoting sustainability is in line with our own, and we are excited to be a part of their journey.”
At SEEDRA Ventures, we think that KASO is leading a much-needed change in the fast-growing F&B industry in the region by making buying processes more efficient and promoting sustainability through cutting-edge technology. Haitham Al-Foraih, Co-Founder and Managing Partner of SEEDRA Ventures, said, “We are excited to be a part of their journey and look forward to helping them continue to grow and have an impact in the Kingdom and the wider region.”
As KASO grows, it keeps getting the attention of the best companies in the Middle East and other parts of the world. In the past few months, the company has announced strategic partnerships with businesses like Foodics, and more are likely to be announced soon.