The food ordering app’s investment marks the largest deal of its kind in Saudi Arabia, led by VC firm Impact46.
Saudi Arabia’s Jahez has just announced a massive $36 million (SAR 137 million) Series A round, led by local venture capital firm Impact46, in the largest ever investment in a KSA-based startup in the country’s history.
Launched in 2016, Jahez not only processes orders to restaurants and retailers, but owns its own logistics fleet for deliveries. Working across 20 cities, with three million active users and 15,000 freelance delivery drivers on their books, the startup has grown rapidly despite healthy competition from international and local players alike. Jahez predicts that it is on track for exceeding SAR 1 billion in processed orders in 2020.
“Our starting point when creating Jahez was to give restaurants the tools they need to remain competitive in a digital world. In the current climate in particular, we help restaurants, supermarkets, pharmacies, and other retailers gain access to a new digital channel and generate revenue by selling through Jahez,” explains CEO and co-founder Ghassab Al-Mandil. “With this funding round, we will further invest in building differentiated offerings, plugging the white spaces in the ecosystem, expanding in new verticals and developing our in-house technology, while keeping excellent customer experience at the core.”
With this in mind, Jahez already have plans to increase their offerings to both customers and clients, including plans to expand into cloud-kitchens, groceries, and non-food e-commerce services.
Sign up for the daily Startup Digest.