KASO’s Sustainable Approach to Food Supply Chain Attracts $10.5M in Seed Funding
Middle East-based B2B platform, KASO, has successfully secured $10.5 million in seed funding to fuel its mission of disrupting the food supply chain. The funding round was led by prominent investors, including BY VP, Hala Ventures, Seedra Ventures, Pioneer Fund, Spade Ventures, Vulpes Ventures, Cyfr, regional family offices, and strategic investors from Saudi Arabia. Previous investors, such as GFC and MSA, also contributed to the funding.
With the newly raised funds, KASO plans to expands its operations, enhance its technology platform, and strive to achieve a Gross Merchandise Value [GMV] of $1 billion within the next 12 months. The company aims to further reduce inefficiencies in the industry and contribute to a more sustainable future.
KASO has experienced exceptional growth, with a fivefold increase in the past year alone. The platform currently boasts a network of over 5,000 partners in the Kingdom of Saudi Arabia and the United Arab Emirates.
“The F&B industry in the MENA region was valued at $135 billion in 2020 and is expected to grow to $171 billion by 2024,” added Ahmed Soliman, Co-founder of KASO. “Our platform has already made a significant impact in reducing inefficiencies in the industry, and we are confident that we can continue to make strides towards a more sustainable future.”
The startup’s commitment to sustainability in the F&B industry aligns perfectly with the UAE’s focus on sustainability. KASO has been actively addressing the pressing issue of food waste in the MENA region, which amounts to approximately 250kg per capita per year. This mission to reduce food waste has been a key driver of the company’s success and continues to attract top investors.
In addition to its core platform, KASO has successfully launched a fintech vertical that provides payments and extended credit terms to restaurants while ensuring seamless and timely payments to suppliers. This service not only offers financial flexibility and transparency but also emphasises KASO’s dedication to leveraging technology to create effective solutions in the food supply chain.
KASO has been attracting the attention of top investors in the Middle East and beyond as its expands its reach. The company has recently formed strategic partnerships with prominent entities like Foodics, with more partnerships expected to be announced in the near future.
Manar Alkassar, Co-founder of KASO pointed out, “We are extremely proud to be partnering with globally renowned brands such as Burger King, Buffalo Wild Wings, Tim Hortons, Caribou Coffee, Chili’s, and many more. Additionally, it is very encouraging to see strong regional and international investors joining us, especially considering the challenges some startups currently face in the fundraising market. This reaffirms our vision to revolutionise one of the oldest industries on the planet, an industry that still runs on pen and paper, phone calls, and WhatsApp.”
As KASO expands its operations and secures strategic partnerships, it aims to reshape the food supply chain and contribute to a more sustainable and efficient future for the F&B industry in the Middle East and beyond.