News
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.
Also Read: Revibe Has Raised $2.3 Million For Planned MENA Expansion
“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
HiFuture Wraps Up Successful GITEX GLOBAL 2024 Appearance
The electronics company wowed audiences at the world’s largest tech event with a range of wearable and smart audio devices.
This year’s GITEX GLOBAL 2024 in Dubai saw a huge number of startups, electronics firms, and innovators from around the globe gather for the tech sector’s largest event of its kind. One company making waves at this year’s expo was Chinese tech group HiFuture, which showcased a range of products with a focus on wearable technology and smart audio.
At the HiFuture booth, the company captivated attendees with cutting-edge smartwatches like the ACTIVE and AURORA, along with a range of powerful wireless speakers, earbuds, and even smart rings. Visitors were eager to check out the sleek new designs on offer and even had the chance to test out some of the products themselves.
Among the highlights were smartwatches combining dual-core processors with customizable options. The devices blended style and technology, offering health monitoring capabilities, personalized watch faces, and advanced AI-driven functionalities, giving attendees a taste of the future of wearable technology.
On the audio front, HiFuture’s wireless speakers left a lasting impression, offering rich, immersive sound in compact, portable designs. These speakers cater to both intimate gatherings and larger celebrations, offering versatility for users. Meanwhile, the company also showed off its Syntra AI technology, which it claims “revolutionizes health and fitness tracking by combining advanced optical sensors with intelligent algorithms for precise, real-time insights”.
Also Read: How (And Why) To Start A Tech Business In Dubai
The presence of HiFuture’s leadership team at GITEX 2024 underscored the importance of this event for the company, with CEO Levin Liu leading a team of executives, all keen to engage with attendees and offer insights into HiFuture’s vision, product development process, and future direction.
Overall, it seems that GITEX GLOBAL 2024 has been a rewarding experience for HiFuture. The enthusiasm and curiosity of attendees shown to the company’s diverse range of products was obvious, with the HiFuture team leaving on a high note and clearly excited and motivated by the event.
HiFuture Wraps Up Successful GITEX GLOBAL 2024 Appearance
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