Dubai based, iKcon which is a cloud kitchen platform has announced on that it has secured USD 5M in a pre-series A round. The investment was led by Arzan Venture Capital, Nazer Group and AITouq Group. This latest funding brings the total investment raised by the company to USD 10M.
Founded in the year 2019, by Kareem Abughazaleh (COO) and Khalid Baareh (CEO), the cloud kitchen platform, iKcon, aims to cater the growing demand for food delivery across Middle East. Presently, the company operates 10 cloud kitchen across the UAE. The management is planning to start operations in Saudi Arabia in Quarter 4 of 2020, and expand to other neighboring countries throughout the next year. However their short term goal is to grow its network from 10 to 30 cloud kitchens.
Baareh explained one of the biggest obstacles in the sector is the operational and financial burden of expanding. The other major issue he talks about is restaurant’s owner’s failure to adopt technology to enhance their operational capabilities.
He commented, “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.”
Mr. Baareh further added, “We plan on launching iKcon’s Series A round in Q4 2020. The funding will fuel iKcon’s regional expansion and technology built out. We are laser-focused on developing proprietary technology to accelerate the evolution of data analytics, process automation, and AI as a key differentiator in our fast-growing space. The next few years are going to be very exciting and transformational for the food delivery market.”
iKcon has collaborated with various leading brands operating in the country which helped them reach a larger customer base in a short time frame with no operating and capital expenditure which results in substantially better returns.
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