UAE-based online B2B platform Elkaso has raised $2.1 million in its latest funding round, led by leading venture capital firms Global Founders Capital and MSA Capital.
According to the statement, the funding round is also participated by global and regional investors including former and current leaders of Careem, Delivery Hero, Apple, Faith Capital, Talabat, Eyewa, Instashop, and so on. The platform is operational in the UAE and KSA, with further expansion planned in 2022.
Founded in 2021, Elkaso is a tech-enabled platform that connects restaurants with suppliers in real-time so they can replenish their stock or place last-minute purchases. Further, they intend to increase the efficiency and transparency of the food supply chain while also reducing food waste in the region by digitizing the interaction between restaurants and suppliers.
“While ordering food from restaurants has become the poster-child of our new digital lifestyles, ironically, restaurants still find themselves ordering their own supplies mostly manually or with old-fashioned, clunky systems. We are building the Elkaso platform to close this gap in the MENA region and to improve transparency in the food supply chain. The app seamlessly connects restaurants and suppliers, enabling them to communicate, discover, place, and fulfill orders easily.”
Mr. Ben Harburg, the General Partner of MSA Capital noted, “The Middle East is one of the world’s fastest-growing, highest-margin food delivery markets, yet parts of the ecosystem remain analog. Digitizing procurement is a critical solution for viably scaling HORECA in both online and offline contexts, which we have mapped and invested into globally. As such, we believe Elkaso has the strongest team to execute this strategy in the region.”
Elkaso’s co-founder Mr. Ahmed Soliman commented, “We are looking to build an incredible and diverse team in the markets that we are planning to launch in soon. For this aggressive expansion, we are looking to onboard people eager and excited to transform restaurant supply chains digitally.”