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Middle East: iKcon, the Dubai based cloud kitchen platform, has successfully secured $10 million of funding since inception, including a recently closed pre-series A round of $5 million led by Arzan VC, AlTouq Group and Nazer Group among other reputable investors. iKcon was founded in Dubai in early 2019, by Khalid Baareh (CEO) and Kareem Abughazaleh (COO), to address the growing demand for food delivery across the Middle East. Currently iKcon operates ten cloud kitchens across the UAE with plans to start operations in Saudi Arabia in Q4 2020 and other countries in the region throughout 2021. iKcon has plans to rapidly grow its network to thirty cloud kitchens in the near future.
Khalid Baareh, Co-Founder and CEO, said: “One of the big issues that restaurants and food entrepreneurs face is the financial and operational burden of expanding. Another major issue is their ability to adopt technology to improve their operational capabilities. iKcon’s business model solves both of those issues through its proprietary technology, operational know-how and a passion for quality food. I’m very proud of the strong and experienced team we’ve built, which allows us to execute seamlessly and continue our growth trajectory in one the fastest growing delivery markets.”
The growth potential of the food delivery and cloud kitchen market are significant “We plan on launching iKcon’s Series A round in Q4 2020. The funding will fuel iKcon’s regional expansion and technology built out. We are laser focused on developing proprietary technology to accelerate the evolution of data analytics, process automation and AI as a key differentiator in our fast-growing space. The next few years are going to be very exciting and transformational years for the food delivery market.” Khalid added.
The company has successfully partnered with numerous leading brands operating in the region, helping them reach a significantly larger customer base in a short time frame with no capital or operating expenditure, resulting in substantially better returns. The Covid-19 pandemic has accelerated the food delivery market’s growth and proven the resiliency of iKcon’s business model.
Kareem Abughazaleh, Co-Founder and COO, said “Driven by operational excellence and technology, iKcon acts as a franchisee on the behalf of its partner restaurants and brand owners. We enable each to adjust their offering to a new era of food delivery by extending their reach within the same city, within the same country and across borders.”
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iKcon is an expanding GCC cloud kitchen solutions provider, with a growing portfolio of 10 locations across the UAE. In July 2020, the business secured Pre-Series A funding of over $5million, as it targets building its geographic reach and extending its service line to a broader range of GCC countries. Lumina Capital Advisors has been appointed to oversee the Series A funding round which commences in Q4 2020.
Additional Shareholder Quotes:
Hasan Zainal, Managing Partner- Arzan VC
Arzan is committed to partnering with driven and exceptional entrepreneurs to help them grow their innovative and technology focused businesses. We are thrilled with the significant progress the iKcon team has accomplished since inception and committed to support them in achieving their ambitions.
We believe iKcon’s business model is the future of the f&b industry with superior growth potentials. In addition, it has already shown resilience even in the most turbulent times.
AbdulMohsen AlTouq, CEO- AlTouq Group
We are excited and thrilled about our investment in what we believe to be the leading cloud kitchen solution provider in the region, led by a passionate and highly experienced team. The cloud kitchen model is rapidly evolving the broader F&B sector. iKcon’s technology driven approach and operational excellence will empower their clients to accelerate growth in our fast-growing regional food delivery market.
Rami Makarem, CEO- Nazer Group
Nazer Group is enthused to be part of this exciting journey and honored to join hands with a great management team and highly reputable investors. We truly believe the future is here, and iKcon’s team is making it happen. In an era with technological innovation is the new norm, operational perfection using technology remains core and is the management's main focus.
In an ambitious growth plan within the region, we strongly believe the Kingdom of Saudi Arabia will play the major role in embracing a disruptive model that is technologically driven with the highest levels of quality, and we are here to support that.
For media queries:
Raghad Elassi | Mohaned Mahgoub
TOH PR | TOH Public Relations
Raghad@Tohpr.com l mohaned@tohpr.com
© Press Release 2020
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