Saudi Arabian food technology startup Siwar has raised $7.5 million in its latest funding round in order to improve customer analytics and its distribution network.
The company said in a statement that the Series A fundraising round, which was led by Riyadh-based travel services company Seera Group, will help the company enhance its customer insights and supply chain.
Siwar was established in 2020 to satisfy the expanding and untapped demands of a new generation of customers in the food and beverage industry, with a concentration on the ‘ready to eat food’ segment. Further, it offers a variety of food products and lets customers purchase through different channels such as retail, online and vending machines.
“With the successful fundraising, we will be able to fund our high growth business plan and with Seera Group as a strategic partner, Siwar will have access to resources, research & development, and years of experience that we can tap into to catapult our growth plans. In alignment with Vision 2030, we are progressing swiftly towards addressing evolving market needs and catering to the new generation of food consumers requiring a unique product portfolio that delivers the best of the culinary traditions of the Kingdom in a contemporary technology-enabled format.”
“We are excited to lead the Series A round as consumers are embracing online ordering and eating at home like never before. It’s an evolution brought on by the pandemic but taking hold for the long term. Siwar is an innovative, fast-growing, food-tech startup, and we hope it accelerates the Group’s ability to capitalize on the new realities in Saudi Arabia’s ready meals market,” said Mr. Majed AlNefaie, CEO of Seera Group.