Saudi-based FoodTech Siwar Raises $7.5M Series A
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KSA-based FoodTech and on-demand marketplace Siwar has successfully raised $7.5M in its latest funding round. The Series A round led by Riyadh-based travel services company Seera Group with the participation of key investors in the region.
Launched in 2020, Siwar offers a wide menu of food options to a new generation of customers looking for affordable and healthier alternatives to eating out, with a special focus on ready-to-eat foods. Through their digital platform, Siwar offers a variety of items including ready-to-eat meals and desserts – and lets customers purchase through different channels such as retail, online and vending machines.
As observed throughout the year, and as most recently recorded in our August 2021 Venture Investment report, Food & Beverage (F&B) startups in Saudi Arabia have raised unprecedented funding as compared to their previous yearly record of $4.1M in 2017. With only one deal short of the total number closed in 2020, F&B startups have already raised more than 10x the funding amount in 2021 YTD. This latest investment adds to the record-breaking hunger for F&B innovations in KSA.
The power partnership merges Siwar’s market-driven consumer insight and modern product Tech stack with Seera Group’s highly specialized consumer analytics platform and distribution network, fuelling potential growth opportunities for both entities. In light of this recent investment, Loaye Al Nahedh, chief executive of Siwar.“With the successful fund-raise, we will be able to fund our high-growth business plan … with Seera Group as a strategic partner, Siwar will have access to resources, research and development, and years of experience that we can tap into to catapult our growth plans."
The Saudi-based startup plans to utilize its newly acquired funds to further develop its platform and food offering while supporting its market growth. “Consumers are embracing online ordering … like never before. It's an evolution brought on by the pandemic but taking hold for the long term,” said Majed Al Nefaie, chief executive of Seera Group. “Siwar is an innovative, fast-growing, food-tech start-up and we hope it accelerates the group’s ability to capitalize on the new realities in Saudi Arabia's ready meals market,” he concluded.
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