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.

Published

1 year ago

July 12, 2023

Nour Nasir

Kaso

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.

Related Topics:FinTech FoodTech Kaso Saudi Arabia

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Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.