The UAE-based B2B market Elkaso has efficiently raised $2.1 million in its newest funding spherical. The pre-seed spherical was led by International Founders Capital and MSA Capital and recorded participation from key strategic international and regional traders together with former and present leaders of Careem, Supply Hero, Apple, Religion Capital, Talabat, Eyewa, and Instashop.
Based in early 2021 by entrepreneurs Manar Alkassar and Ahmed Soliman, Elkaso supplies a tech-enabled platform connecting eating places with suppliers in time to refill their inventory wants or make last-minute orders on demand. The co-founders are not any strangers to the world of tech startups, the place Alkassar was the Head of New Ventures at Rocket Web Center East, whereas Soliman beforehand was Vice President at Supply Hero overseeing logistics operations for all DeliveryHero manufacturers within the area.
The Meals & Beverage ecosystem is the very best funded ecosystem in MENA as most not too long ago recorded in our August 2021 Enterprise Funding Dashboard. Pushed by Kitopi’s $415 million Unicorn deal, Meals & Beverage startups in MENA have noticed a 300 per cent YoY progress in funding over 2021 YTD, closing two offers in need of the variety of transactions closed in 2020 round this time.
Elkaso launched to handle a urgent problem within the area’s thriving F&B area: the absence of a straightforward, seamless platform that connects eating places with their suppliers to put and handle their orders. This latest funding fuels the startup’s journey to faucet right into a $50 billion Gulf market and disrupt via Tech as Manar Alkassar elaborates “Whereas ordering meals from eating places has develop into the poster-child of our new digital life, paradoxically, eating places nonetheless discover themselves ordering their very own provides principally manually or with old school, clunky techniques. We’re constructing the Elkaso platform to shut this hole within the MENA area and to enhance transparency within the meals provide chain. The app seamlessly connects eating places and suppliers, enabling them to speak, uncover, place, and fulfill orders simply.”
Regardless of fast innovation in meals supply globally and regionally, restaurant provide chains nonetheless stay largely guide, presenting an thrilling alternative for disruption and transformation. Ben Harburg, the Normal Associate of MSA Capital highlighted “The Center East is among the world’s fastest-growing, highest-margin meals supply markets, but components of the ecosystem stay analogue. Digitizing procurement is a vital answer for viably scaling HORECA in each on-line and offline contexts, which we have now mapped and invested into globally. As such, we consider Elkaso has the strongest workforce to execute this technique within the area.”
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Inside its first months of launch, the platform has already witnessed fast progress and is at present servicing greater than 1,400 companion eating places and suppliers between the UAE and KSA. This newest funding not solely comes as a platform launcher to the UAE-based startup, however can also be a market validation to the founders’ enterprise acumen and Elkaso’s imaginative and prescient as Mohammed Jaffar, Co-founder and Managing Associate of Religion Capital commented “I consider that the corporate, led by founders with in depth expertise and a confirmed monitor report of success, has the aptitude, assets and distinct benefits in place to be in an distinctive place to forge throughout the area.”
When requested about their plans for the long run, Elkaso’s co-founder Ahmed Soliman, concluded” We wish to construct an unimaginable and numerous workforce within the markets that we’re planning to launch in quickly. For this aggressive enlargement, we wish to onboard folks keen and excited to remodel restaurant provide chains digitally.”