The UAE-based Eighty6, a leading online procurement platform for restaurants, has successfully raised $3.7 million in a Seed round of funding.
The round included Sanabil 500 MENA Seed Accelerator Fund and prominent GCC family offices and strategic investors who possess a comprehensive grasp of the food and beverage industry, encompassing both the restaurant and supplier sides.
Founded in 2021 by Abdul Kader Saadi, Eighty6’s mission is to reduce time spent on procurement, from both the restaurant and supplier’s perspectives, and minimize mistakes, gaps and food wastage.
The startup aims at leveraging technology to streamline and digitize the daily procurement process, which is currently obsolete, labour-intensive, and time-consuming.
The platform enables suppliers to augment their profitability by boosting their sales volume, and allows the buyers to benefit from transparency and cost savings.
“Our platform offers a tech-focused solution that addresses the pain points faced on a daily basis by operators and suppliers,” said the founder, Abdul Kader Saadi who has amassed 30 years of experience in the F&B industry. “With Eighty6, the users are empowered with deep data and can expect to benefit from machine learning capabilities in the future.”
The funds raised will be allocated towards enhancing the technological capabilities of the platform, expanding operations within the UAE, and launch the services in Saudi Arabia and Kuwait.
Amal Dokhan, General Partner with 500 Global MENA said, “I’m excited to support the vision and potential of Eighty6.
We strongly believe in the team’s ability to execute our vision and look forward to seeing them make a significant impact in the F&B industry.”
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