YC-Backed KASO Raises $10.5 Million and Launches F&B Fintech Vertical, Aiming to Reach $1 Billion GMV Target by 2024
Leading B2B ordering platform, KASO, surpasses its funding target with over $10.5 million raised in the seed round
July 12th, 2023, Riyadh, KSA: KASO, the leading B2B platform digitizing & automating procurement between restaurants and food suppliers in the Middle East, has announced it has raised $10.5 million in seed funding to fuel its mission of disrupting the food supply chain. KASO's commitment to sustainability in the F&B industry aligns perfectly with the UAE’s Year of Sustainability focus for 2023.
Investors include BY VP, Hala Ventures, Seedra Ventures, Pioneer Fund, Spade Ventures, Derayah, Vulpes Ventures, Cyfr, regional family offices, and other strategic investors from KSA, along with contributions from previous investors such as GFC and MSA.
The Middle East-based startup which launched in 2021 has experienced a tremendous 5x growth in the past year and currently has more than 5000 partners in the KSA and UAE.
In addition to its platform, KASO has successfully launched a fintech vertical offering payments and extended credit terms to restaurants while ensuring suppliers are paid seamlessly and on time. This service provides financial flexibility and transparency for both parties and further highlights KASO’s commitment to leveraging technology to create effective solutions in the food supply chain.
“We are extremely proud to be partnering with globally renowned brands such as Burger King, Buffalo Wild Wings, Tim Hortons, Caribou Coffee, Chili’s, and many more. Additionally, it is very encouraging to see strong regional and international investors joining us, especially considering the challenges some startups currently face in the fundraising market.
This reaffirms our vision to revolutionize one of the oldest industries on the planet, an industry that still runs on pen and paper, phone calls, and WhatsApp. In line with our commitment to tackling these inefficiencies, we are excited to announce the launch of our fintech vertical, which will offer payments and credit facilities to restaurants, further solving key challenges in the industry. By combining our procurement platform with innovative financial solutions, we are enabling restaurants to thrive in a competitive landscape” said Manar Alkassar, Co-founder of KASO.
KASO also continues to address the significant issue of food waste in the MENA region, which is estimated to be around 250kg per capita per year. KASO's mission to reduce food waste in the region has been one of the key drivers of its success and continues to attract top investors. The company's innovative approach to connecting restaurants and suppliers on its app has already made a significant impact in the industry.
Ahmed Soliman, Co-founder of KASO, added, “The F&B industry in the MENA region was valued at $135 billion in 2020 and is expected to grow to $171 billion by 2024. Our platform has already made a significant impact in reducing inefficiencies in the industry and we are confident that we can continue to make strides towards a more sustainable future”.
KASO plans to utilize the funds to expand operations, enhance its technology platform, and achieve a GMV of $1 billion within 12 months.
"We believe that KASO is perfectly positioned to disrupt the food industry in KSA and the Middle East. Their commitment to reducing inefficiencies and promoting sustainability aligns with our values and we are thrilled to be a part of their journey," said Ali Abussaud, Founder and Chairman of Hala Ventures.
At SEEDRA Ventures, we believe that KASO is spearheading a much-needed transformation in the fast-growing regional F&B industry, streamlining procurement processes and driving sustainability through cutting-edge technology. We are excited to be part of their journey and look forward to supporting their continued growth and impact in the Kingdom and wider region," said Haitham Al-Foraih, Co-Founder and Managing Partner of SEEDRA Ventures.
KASO continues to attract the attention of top investors in the Middle East and other parts of the world as it expands its scope. In recent months, the company has announced strategic partnerships with companies such as Foodics and is expected to announce more in the near future.
To learn more about KASO and how it continues to make leaps and bounds in reducing the inefficiencies in the F&B industry, visit - https://www.kaso.ai/
Currently operating in KSA and UAE, KASO is the Middle East’s first platform connecting restaurants with suppliers and is currently serving over 5000 partners in KSA and UAE alone. The Saudi-based company was founded by tech entrepreneurs Manar Alkassar and Ahmed Soliman, with the vision to disrupt the food supply chain. By digitizing the relationship between restaurants and suppliers, they not only drastically improve efficiency and transparency in the food supply chain but also significantly reduce food waste in the region. KASO is funded by various prestigious investors including Y Combinator, GFC, MSA Capital, and BY VP.
For more information, please visit www.kaso.ai
Brand & Communications Manager, KASO