Thursday May 23rd, 2024
Download The SceneNow App

Saudi Arabia-Based Foodtech Kaso Raises $10.5 Million in Seed Round

Kaso intends to transition the industry from traditional methods to a more streamlined and technology-driven ecosystem.

Lana Mawlood

Saudi Arabian startup Kaso has successfully raised $10.5 million in its latest seed funding round, signaling its entry into the Middle East's food and beverage procurement market.

The B2B company, founded in 2021 by Manar Alkassar and Ahmed Soliman, aims to enhance its restaurant supply management tools and expand its services to more than 5,000 partners in the UAE and Saudi Arabia. Kaso aspires to achieve a gross merchandise value of $1 billion within a year.

With the goal of revolutionizing the F&B supply chain through digitalization, Kaso intends to transition the industry from traditional methods to a more streamlined and technology-driven ecosystem. By improving efficiency, transparency, and reducing food waste, Kaso's FinTech platform will provide essential services to restaurants, including payments and credit facilities. 

The funding round saw participation from prominent investors such as Dubai-based Spade Ventures, Saudi Arabia's Hala Ventures and Seedra Ventures, Oman's Cyfr Capital, Jersey's BY Venture Partners, San Francisco's Pioneer Fund, and Singapore's Vulpes Ventures. Notable contributors also included regional family offices and strategic investors from Saudi Arabia. Furthermore, existing investors Global Founders Capital from Germany and Singapore's MSA Novo, who previously led Kaso's initial $2.1 million seed round in 2021, continued their support. Silicon Valley-based Y Combinator is also among Kaso's investors.

Although expansion plans beyond the UAE and Saudi Arabia have not been disclosed, the company aims to make a significant impact in the industry and contribute to a more sustainable future.

×

Be the first to know

Download

The SceneNow App