Saudi foodtech Barakah raises investment from FoodLabs
Summary
Saudi Arabia-based foodtech startup Barakah has raised an undisclosed funding round from German-based VC FoodLabs, marking its first investment in a Mena-based startup Founded in 2022 by Rabah Habiss and Abdulaziz Al Saud, Barakah helps restaurants, bakeries, and groceries fight food waste by enabling them to sell their surplus inventory through its app. This landmark investment marks FoodLabs first foray into the MENA region, highlighting Barakahs exceptional growth trajectory and commitment to sustainability.FoodLabs, a highly successful early-stage European VC specialising in foodtech and agritech startups, has an impressive portfolio that includes being the first investor in multiple unicorns and instrumental in building the fastest-growing European unicorn. The platform not only helps businesses minimize waste and generate new revenue opportunities but also provides consumers with access to affordable and sustainable food options.Since its inception, Barakah has achieved remarkable success, selling over 400 thousand meals that would have otherwise been discarded across six Saudi cities. It has rapidly become one of the most downloaded food and drink apps in Saudi Arabia and has partnerships with over 800 merchants, including global brands like Dunkin and Tim Hortons, as well as major local retailers. With FoodLabs extensive experience and network, Barakah is well-positioned to achieve its ambitious objectives and promote a more sustainable and responsible global food ecosystem.