Kaso, a food-tech company headquartered in Saudi Arabia, has successfully secured $10.5 million in a seed funding round to drive its ambitious goal of transforming the food supply chain.
Notable investors including BY VP, Hala Ventures, Seedra Ventures, and several others lent their support to the funding round.
Established in 2021, Kaso is a business-to-business (B2B) platform that revolutionizes the Middle East’s food industry by digitizing and automating procurement processes between food suppliers and restaurants. With a strong presence in the Kingdom of Saudi Arabia and the United Arab Emirates, Kaso has already partnered with over 5,000 businesses in the region.
The secured funds will play a pivotal role in Kaso’s strategic expansion plans, allowing the company to bolster its operations, further develop its cutting-edge technology platform, and strive to achieve a remarkable gross merchandise value of $1 billion within the next 12 months.
Furthermore, Kaso has recently introduced a specialized FinTech division that focuses on delivering payment solutions and extended credit terms specifically tailored for the restaurant industry. This innovative service not only ensures smooth and efficient payment processing for suppliers but also provides financial flexibility and transparency for all parties involved.
Kaso’s Co-Founder, Manar Alkassar, said, “We are extremely proud to be partnering with globally renowned brands such as Burger King, Buffalo Wild Wings, Tim Hortons, Caribou Coffee, Chili’s and many more. Additionally, it is very encouraging to see strong regional and international investors joining us, especially considering the challenges some startups currently face in the fundraising market.”
“This reaffirms our vision to revolutionise one of the oldest industries on the planet, an industry that still runs on pen and paper, phone calls and WhatsApp. In line with our commitment to tackling these inefficiencies, we are excited to announce the launch of our FinTech vertical, which will offer payments and credit facilities to restaurants, further solving key challenges in the industry. By combining our procurement platform with innovative financial solutions, we are enabling restaurants to thrive in a competitive landscape,” he added.