Barakah, an online marketplace that addresses food waste in the business sector in the area, announces the strategic funding headed by FoodLabs. German venture capital firm VC FoodLabs has made an undisclosed investment in Saudi Arabian foodtech startup Barakah, its first venture in a Mena-based startup.
Rabah Habiss and Abdulaziz Al Saud founded Barakah in 2022 to combat food waste by allowing grocery stores, bakers, and restaurants to sell their excess inventory via an app. Barakah will be able to expand further within Saudi Arabia and into new GCC markets thanks to this finance. Led by Hambro Perks Oryx Fund, Barakah completed a $1.5 million seed round last September.
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FoodLabs’ first venture into the MENA area, this historic investment highlights Barakah’s remarkable growth trajectory and environmental commitment. FoodLabs is a highly successful early-stage European venture capital firm that focuses on foodtech and agritech firms. Among its outstanding portfolio are investments in many unicorns, including the fastest-growing European unicorn, which it helped to develop.
The choice to collaborate with Barakah is in line with FoodLabs’ objective to encourage creative endeavors employing unique technology to address urgent global concerns. It also sends a strong market signal for startups in the Kingdom and throughout the MENA region.
Food Labs’ founder and managing partner, Christophe Maire said ,”Barakah’s model is beneficial for customers, retail partners, and the planet. We are supporting a brilliant team with ambitions to expand throughout the GCC and achieve global success with top Saudi tech talent.”
The CEO of Barakah, Abdulaziz Al-Saud, took delight in the company’s accomplishments thus far and the backing it has gotten from early backers including Oryx HP, 500 Sanabil, Kaust Innovation Ventures, and Plus VC. Al-Saud is confident that working with Christophe Maire and the elite group at FoodLabs will accelerate their development and broaden their product offers by utilizing FoodLabs’ strategic insights and worldwide Food Tech knowledge.
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This finance marks an important turning point that will enable company growth both inside Saudi Arabia and into new GCC markets. With the vast network and knowledge of FoodLabs, it is well-positioned to accomplish its lofty goals and advance a more responsible and sustainable global food ecosystem.
About Barakah
Barakah is an online marketplace that links food vendors and consumers to sell excess inventory and cheap meals in an effort to reduce food waste. The platform gives customers access to reasonably priced and environmentally friendly food options in addition to assisting businesses in reducing waste and creating new revenue streams.
About FoodLabs
FoodLabs is a highly successful early-stage European venture capital firm that focuses on foodtech and agritech firms. Among its outstanding portfolio are investments in many unicorns, including the fastest-growing European unicorn, which it helped to develop.
