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Saudi Catering Supply Startup Kaso Gets $10.5 Million Investment
The B2B restaurant supply chain innovator has launched a new FinTech platform and plans to turn over $1 billion over the next 12 months.
Founded in 2021, Kaso is a Saudi Arabian B2B startup providing supply chain management tools for restaurants. The company already boasts 5,000-plus clients and partners across the United Arab Emirates and Saudi Arabia.
Kaso has seen strong growth since its founding and already includes notable brands like Burger King, Buffalo Wild Wings, Caribou Coffee, Chili’s, and Tim Hortons in its partner portfolio.
Recently, the startup raised $10.5 million in seed funding, enabling it to add a new FinTech platform to its suite of services that will further boost operations across the Middle East.
The funding round was backed by a range of regional strategic investors and saw international interest from the likes of Germany’s Global Founders Capital and Singapore’s MSA Novo, who both contributed to the startup’s first seed round in 2021, raising $2.1 million.
“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,” explained Manar Alkassar, co-founder of Kaso.
Kaso’s primary goal is to “revolutionize” the food supply chain for the catering industry. To that end, the company’s new FinTech platform is intended to streamline operations using a “technology-backed ecosystem” to improve efficiency and transparency while reducing food waste.
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“It will offer payments and credit facilities to restaurants, further solving key challenges in the industry,” Mr. Alkassar said, with Kaso co-founder, Ahmed Soliman, adding: “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.”
The restaurant procurement sector in the Middle East is a highly competitive industry. In the GCC alone, the market is projected to hit nearly $130 billion by 2029, at a compound annual growth rate of over 6%, according to research firm OCO Global.
News
Samsung Galaxy Ring Wearable Will Launch In Eight Sizes
A recent Korean report reveals the model numbers of the new health tracking device, as well as details of its key features.
The global launch of the Samsung Galaxy Ring is hotly anticipated, with details about the next-gen wearable gradually emerging since the company’s teaser announcement back in January. Now, a report has also unveiled the model numbers for the device, suggesting it will be available in eight different sizes.
While Samsung has yet to divulge detailed specs and features of the Galaxy Ring, it’s likely to feature an array of health and sleep monitoring functionalities, while boasting a battery life of up to nine days on a single charge.
As per a Galaxy Club report, there are currently eight confirmed variants of the Galaxy Ring: SM-Q500, SM-Q501, SM-Q502, SM-Q505, SM-Q506, SM-Q507, SM-Q508, and SM-Q509.
However, the mystery shrouding two absent model numbers persists, leaving speculation as to whether they signify additional sizes or if Samsung plans to unveil a later ninth variant of the ring, as previously hinted. There’s conjecture that these models may correspond to US ring sizes 5 and above, commencing with the SMQ500, with subsequent numbers potentially indicating larger ring sizes, possibly reaching up to size 13, aligning with model number SM-Q509.
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Recent Korean reports have shed light on how Samsung’s Mobile eXperience division (MX) collaborated with the Home Appliance department to integrate Samsung Food with the Galaxy Ring: Tailored for daily activity tracking, the Galaxy Ring, when paired with Samsung Food and an intelligent Samsung refrigerator featuring AI vision, delivers personalized dietary guidance based on calorie intake and BMI.
Samsung is banking on the user-friendly interface and high durability of the ring to redefine the healthcare wearables landscape. Meanwhile, Apple is also making strides in the development of a smart ring, aimed at monitoring users’ health biometrics discreetly when worn on the finger. According to the Electronic Times report, Apple has been closely monitoring market interest in this more inconspicuous alternative to a traditional watch.
Samsung Galaxy Ring Wearable Will Launch In Eight Sizes
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