Dubai’s Cloud Kitchen Startup iKcon Raises $5 Million Pre-Series A Round
The cloud kitchen platform is enabling restaurants to continue growing during their pandemic with iKcon’s established tech-enabled delivery and operations infrastructure.
Dubai-based cloud kitchen platform, iKcon, has scored $5 million pre-Series A round investment, led by Arzan VC, AlTouq Group and Nazer Group, among other heavyweight investors. This round brings the F&B startup’s total funding to $10 million.
iKcon has become a holy grail for restaurants looking to expand their operations since launching in 2019. Founded by Khalid Baareh (CEO) and Kareem Abughazaleh (COO), the platform lifts the weight of the operational and financial costs of a restaurant establishing its own delivery system. Currently operating ten cloud kitchens across the UAE, the investment will be used to move into Saudi Arabia by the end of 2020 and other countries in MENA throughout 2021.
The concept of a cloud kitchen (AKA ghost kitchen) has risen in popularity for being a uniquely tech-enabled solution for restaurants to cut down costs while still significantly growing. Platforms such as iKcon can house multiple brands, all operating under one roof, and serving, essentially, as virtual restaurants.
“One of the big issues that restaurants and food entrepreneurs face is the financial and operational burden of expanding,” said Baareh. “Another major issue is their ability to adopt technology to improve their operational capabilities. iKcon’s business model solves both of those issues through its proprietary technology, operational know-how and a passion for quality food. I’m very proud of the strong and experienced team we’ve built, which allows us to execute seamlessly and continue our growth trajectory in one the fastest growing delivery markets.”
