Dubai-based cloud kitchen platform iKcon just raised $20 million in Series A. The round was led by regional investment groups including Mohamed Yousuf Naghi Group, AlTouq Group, Derayah Ventures, B&Y Venture Partners, AbdulMohsin Al Houkair Holding Group, and Nazer Group.
Founded in early 2019, iKcon was built to address the growing demand for food delivery across the Middle East. From procuring, cooking, to delivering food on behalf of restaurants and brand owners, iKcon operates 15 cloud kitchens across the UAE. With plans to launch its first cloud kitchen in KSA, the company also looks to enter other countries in the region, expanding its network to 50 cloud kitchens in the near future.
“We are thrilled to be backed by leading regional investors and Venture Capital firms that share our vision and actively support our growth. The newly raised funds will be used to accelerate KSA and regional expansion plan, and the development of iKcon’s proprietary technology stack.”Khalid Baareh, co-founder, CEO, iKcon
The food delivery industry is growing at an exponential rate and estimated to reach $360 billion by 2030. The regional dynamics are very attractive with young demographics, high mobile penetration, and fast adoption of online food delivery, making MENA’s food delivery market among the fastest growing in the world, the startup states.
“This is a vote of confidence for our team’s relentless efforts to improve our capabilities through ongoing attention to maintaining brand standards, consistency, and speed,” Kareem Abughazaleh, co-founder and COO. “We are constantly reinvesting in our operational excellence & training programs, and we expect to accelerate this as we continue to scale our reach”.
iKcon currently partners with over 70 well-known regional and international restaurant partners such as Pinza, German Doner and Kebab, Wingsters, Salmontini, and Monkey Cookies, with more in the pipeline going live soon.
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