Foodtech platform kaykroo raises $4M Pre-Series A funding round
kaykroo, the UAE-based Foodtech startup with a focus on wholesome comfort food, has raised $4M in a Pre-Series A funding round, from family offices and regional investors. The startup will be shifting away from ‘brick & mortar’ to ‘brick & click’, powered by data-driven technology that increases the speed and efficiency of food preparation and delivery. Their existing restaurants will be launched as cloud kitchens.
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Over the last decade, the team behind kaykroo has successfully developed and independently operated six original concepts, bringing international flavours to the local community. These include Man’oushe Street, The Good Bowl, Bak Bak Chicken, Wrapped, Fern El Balad, and Hummus Brothers. This month, they will introduce four new brands to the market that cater to the evolving tastes of their customers:
- SoDo Pizza: the marriage between pizza and sourdough, with an irresistible variety of toppings
- The Vegan Table: the very best of vegan comfort food to soothe your souls (non-vegans welcome!)
- Susuru: the aromatic bowls that invite you to slurp your choice of noodles, sauces and toppings
- Seven Spisiz: the trip down memory lane that shares the delights of Middle Eastern kitchens and their plant-based, vegetarian roots
The creative minds driving the development of these menus have ten additional concepts in the pipeline, which will launch over the course of the next six months.
The launch also marks a digital transformation from individual dine-in restaurants to a network of 15 delivery and takeaway-centric smart kitchens and brand residences, including kiosks and pop-ups, across Dubai, Abu Dhabi, Sharjah, Ras Al Khaimah, and Al Ain. kaykroo’s wide geographical reach, combined with data-driven technology that uses AI and machine learning to increase speed and efficiency, gives customers the opportunity to enjoy a personalised experience, without compromising on quality, taste, or freshness.
Jihad El-Eit, Founder & CEO of kaykroo, said, “For many, 2020 has been a year of unprecedented challenges. For us, it was the year of reinvention. The high demand we have witnessed since the start of the year, with more than one million orders fulfilled by our existing brands, proves that it is now more important than ever for our customers to be able to enjoy the food they love, anywhere and at any time. We are making the ordering process much easier and quicker while allowing us to gather insights and create new experiences that satisfy different tastes at various price points.”
The newly raised funds will be used to further develop the company’s proprietary technology and fuel kaykroo’s expansion in the GCC.
Turkey's average deal size was up 250% in H1 2020 to $2.8M, indicating the shift of investors' focus towards later-stage startups. Discover more trends and insights in MAGNiTT's H1 2020 Turkey Venture Investment Report.
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