Saudi Arabia’s foodtech scene has attracted international attention once again as Barakah, a Riyadh-based startup, announces a significant investment from German venture capital firm FoodLabs. This strategic funding round marks FoodLabs’ first foray into the MENA region and signals a promising partnership between global investors and Saudi tech innovators.
Founded in 2022 by Rabah Habiss and Abdulaziz Al Saud, Barakah is revolutionizing the food industry with its online marketplace connecting food retailers and consumers. The platform’s mission is clear: to reduce waste, offer discounted meals, and provide affordable, sustainable food options to customers while empowering businesses to sell surplus inventory.
Christophe Maire, Founder and Managing Partner at Food Labs, expressed his enthusiasm for the partnership, stating, “Barakah’s model is beneficial for customers, retail partners, and the planet.” With ambitions to expand throughout the GCC and achieve global success, Barakah represents the epitome of Saudi tech talent poised for international recognition.
FoodLabs, known for its focus on foodtech and agritech startups in Europe, recognizes Barakah’s potential to address global challenges through innovative technology. The decision to invest underscores FoodLabs’ commitment to supporting ventures that leverage technology for societal and environmental impact.
Since its inception, Barakah has made significant strides in combating food waste, selling over 400 thousand meals across six Saudi cities. The startup’s popularity continues to soar, boasting partnerships with over 800 merchants, including renowned global brands like Dunkin and Tim Hortons.
With this latest funding round, following a successful $1.5 million Seed round in September 2023, Barakah is poised for expansion within Saudi Arabia and aims to enter new GCC markets. This investment not only propels Barakah’s growth trajectory but also solidifies Saudi Arabia’s position as a hub for innovation and entrepreneurship in the Middle East.