Riyadh - Sharikat Mubasher: Barakah, the Saudi-based food-tech startup, secured a $1.5 million-investment in its seed funding round for its food waste solution, the company announced in a statement.
The round was led by Hambro Perks Oryx Fund, with the participation of other investors including 500 Global, +VC, KAUST Innovation Ventures, Annex Investments, and strategic angel investors.
The General Partner of Hambro Perks Oryx Fund, Ivo Detelinov, said: "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.”
“The company tackles the significant challenge of food waste by providing a platform where surplus food is sold to consumers at discounted prices,” Detelinov added.
Meanwhile, Abdulaziz Al-Saud, the CEO of Barakah, said: “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.”
Barakah is an online marketplace transforming the way food retailers manage their surplus products. It collaborates with a wide range of food retailers including bakeries, restaurants and grocers to help them fight food waste through enabling them to sell their surplus inventory through its app. In addition, it targets connecting food retailers with discerning consumers.
It should be mentioned that Barakah helped its partners to deliver 10,000 surplus meals in 10 months.