Saudi Arabian KASO obtains $10.5m in seed funding

Saudi Arabian KASO obtains $10.5m in seed funding

KASO, a Saudi B2B platform digitising and automating procurement between restaurants and food suppliers in the Middle East, has secured $10.50 million in a seed funding round to support its mission of disrupting the food supply chain, according to a press release. The lenders’ list included BY VP, Hala Ventures, Seedra Ventures, Pioneer Fund, and Spade Ventures. Other participants were Derayah, Vulpes Ventures, Cyfr, and regional family offices, in addition to strategic investors from Saudi Arabia and previous investors like GFC and MSA. The foodtech startup aims to use the proceeds of the funding in expanding its operations, developing its platform, and achieving a gross merchandise volume (GMV) of $1 billion within one year. KASO, which was launched in 2021, has grown five times in 2022 and has over 5,000 partners in Saudi Arabia and the UAE. The platform further aims to help in addressing the issue of food waste in the MENA region, which is estimated to be around 250 kilograms (kg) per capita on an annual basis. ‍ , said: Alkassar elaborated: “ He concluded: .” , added, “ ”.‍ , commented: “ .” Recently, the startup managed to form partnerships with companies like Foodics and is expected