Cloud kitchen platform iKcon secures $5M Pre-Series A funding round
iKcon, a Dubai-based tech-enabled cloud kitchen operator that procures, cooks, and delivers food on behalf of restaurants and brand owners, has successfully raised a $5M Pre-Series A funding round, led by Arzan VC, AlTouq Group, and Nazer Group among other reputable investors.
• iKcon was founded by Khalid Baareh (CEO) and Kareem Abughazaleh (COO), to address the growing demand for food delivery across the Middle East.
• Currently, iKcon operates ten cloud kitchens across the UAE with plans to start operations in Saudi Arabia in Q4 2020 and other countries in the region throughout 2021.
• iKcon are focused on developing proprietary technology to accelerate the evolution of data analytics, process automation, and AI as a key differentiator in this fast-growing space.
Kareem Abughazaleh, Co-Founder and COO, said “Driven by operational excellence and technology, iKcon acts as a franchisee on the behalf of its partner restaurants and brand owners. We enable each to adjust their offering to a new era of food delivery by extending their reach within the same city, within the same country, and across borders.”
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Read the full press release below.
iKcon, the Dubai based cloud kitchen platform, has successfully closed a Pre-Series A round of $5 million, led by Arzan VC, AlTouq Group, and Nazer Group among other reputable investors. This takes their total funding to date to $10M.
iKcon was founded in Dubai in early 2019, by Khalid Baareh (CEO) and Kareem Abughazaleh (COO), to address the growing demand for food delivery across the Middle East. Currently, iKcon operates ten cloud kitchens across the UAE with plans to start operations in Saudi Arabia in Q4 2020 and other countries in the region throughout 2021. iKcon has plans to rapidly grow its network to thirty cloud kitchens in the near future.
Khalid Baareh, Co-Founder and CEO, said: “One of the big issues that restaurants and food entrepreneurs face is the financial and operational burden of expanding. Another major issue is their ability to adopt technology to improve their operational capabilities. iKcon’s business model solves both of those issues through its proprietary technology, operational know-how and a passion for quality food. I’m very proud of the strong and experienced team we’ve built, which allows us to execute seamlessly and continue our growth trajectory in one the fastest growing delivery markets.”
The growth potential of the food delivery and cloud kitchen market is significant “We plan on launching iKcon’s Series A round in Q4 2020. The funding will fuel iKcon’s regional expansion and technology built out. We are laser-focused on developing proprietary technology to accelerate the evolution of data analytics, process automation, and AI as a key differentiator in our fast-growing space. The next few years are going to be very exciting and transformational years for the food delivery market.” Khalid added.
The company has successfully partnered with numerous leading brands operating in the region, helping them reach a significantly larger customer base in a short time frame with no capital or operating expenditure, resulting in substantially better returns. The COVID-19 pandemic has accelerated the food delivery market’s growth and proven the resiliency of iKcon’s business model.
Kareem Abughazaleh, Co-Founder and COO, said “Driven by operational excellence and technology, iKcon acts as a franchisee on the behalf of its partner restaurants and brand owners. We enable each to adjust their offering to a new era of food delivery by extending their reach within the same city, within the same country, and across borders.”
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July 2020 has seen a 45% drop in the number of deals, but total funding has increased by 72% when compared to the same month last year. Discover more trends and insights in our July 2020 Dashboard.