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With this investment, the tech startup is on track to launch a new major product category in the coming months.
Currently up and running in the GCC's largest mobile markets, UAE and Saudi Arabia, SouKare raises $400,000 seed funding from a diversity of angel investors based in both countries; including CEOs, partners and senior management from strategy consulting, private equity and startup firms.
Yousuf Siddiki, one of the Saudi investors involved in the seed fund and a partner at ValuStrat, sees great potential in the online market for lifestyle and healthcare products and services. "I am a big believer in SouKare's vision to provide a simpler, safer and superior solution to customers and redefine the sector," Siddiki says.
Leveraging technology and artificial intelligence to create a friendlier online platform for SouKare's customers, the Dubai-based tech startup offers a full range of contact lenses and fitness brands, such as Acuvue, Bella, Solotica, Optimum Nutrition, and Jym. "This [investment] will help us further accelerate our current growth momentum by expanding our footprint geographically as well as expanding our product range,” says Faraz Khan, SouKare's founder.
SouKare doesn't only plan to expand its product offering within the current product categories, but is also in the process to adding a new major product category in the coming months. "The market size for our next category is estimated at 10 times the size of our current two product categories put together," says Khan. "Our vision is to change the way customers purchase lifestyle and healthcare products, and to ultimately become a leading Healthcare Tech player in the region and beyond."
Since its establishment in 2016, SouKare's primary goal is to provide fast, convenient and hassle-free experience to its customers. The startup claims to be the only e-commerce platform that delivers in 90 minutes within Dubai, for all in-stock items. In reflection to that, Nadir Akram, Dubai-based Partner in one of the leading global management consulting firms finds that SouKare’s relentless obsession with customer convenience and satisfaction, is what makes it stand out for him.
Main Image: Founder of SouKare, Faraz Khan, courtesy of BRAVE PR and Communication Agency.
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