Saudi Arabia-based online marketplace for food surplus, Barakah, announced it secured its seed funding round at a $1.5 million investment, according to the company.
The funding round, led by Hambro Perks Oryx Fund, saw the participation of other prominent investors, including 500 Global, +VC, KAUST Innovation Ventures, Annex Investments, and strategic angel investors.
The online marketplace is transforming the way food retailers manage their surplus products. Barakah has been working on how restaurants, bakeries, and groceries monetize their surplus inventory, saving over 100,000 meals from going to waste.
The company is currently serving in Riyadh and Jeddah; the funds will support Barakah’s strategic expansion into other major cities in Saudi Arabia.
“Hambro Perks Oryx Fund is delighted to be an early supporter and investor in Barakah, one of the fastest-growing food-tech startups in the Kingdom of Saudi Arabia,” said Ivo Detelinov, General Partner of Hambro Perks Oryx Fund.
“The company tackles the significant challenge of food waste by providing a platform where surplus food is sold to consumers at discounted prices. We are very excited to join forces with the talented team at Barakah and a group of esteemed co-investors as we embark on this vital journey to reshape the food tech sector in Saudi and beyond,” Detelinov added.
“Barakah’s goal of reducing food waste is fully aligned with both the Kingdom and KAUST’s priority areas of sustainability. With its strong and capable team and unique proposition, Barakah is perfectly positioned to service this region and in doing so create a truly transformational company.
“Barakah secured investment from KAUST as a winning participant in KAUST’s flagship Taqadam accelerator program. We look forward to the impact Barakah will make and are excited to be a part of their journey of growth and success,” comments Gary Rubin, Head of KAUST Innovation Ventures.
“Our aim at Barakah is to reshape perceptions around surplus food,” comments Abdulaziz Al-Saud, CEO of Barakah.
“We’ve created a platform where excess inventory transforms into a viable business opportunity. Our partners gain a valuable solution to drive revenue and operational efficiency, while our customers enjoy fresh meals and products at unmatched prices. Beyond curbing waste, Barakah is building a bridge between food retailers and discerning consumers.”
“Barakah stands out primarily due to its underlying digital philosophy,” said CTO Rabah Habiss.
“Beyond offering retailers a space to list surplus inventory seamlessly, our platform curates a unique food shopping experience for consumers. Simultaneously, we empower businesses with a range of solutions to effectively minimize their waste, without adding any operational burden.”
“We are excited to join Barakah’s journey and support their mission to tackle inefficiencies in the food service industry. Their marketplace solution aims to benefit both food providers and consumers while reducing food waste. We are proud to support the Barakah team in their efforts to grow their business.” comments Amal Dokhan, General Partner of 500 Global.
Commenting on the announcement, Hasan Haider, Founder and Managing Partner at +VC said: “We are excited to have invested in Barakah, a marketplace that helps combat surplus inventory and transform it into a workable business opportunity. “ Today, with tons of food being wasted every day, Barakah emerges as the ideal solution that creates new standards and offers consumers and businesses unmatched value. Its rapidly increasing client footprint is a testament to the company’s positioning as one of the leading platforms in the food industry. We are pleased to support the outstanding Barakah team as they expand, continue to innovate, and establish themselves as pioneers in this space,” Haider added.
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