Dubai Cloud Kitchen Startup iKcon Raises $20 Million Series A Funding
The cloud kitchen as service operator will now look to go beyond its imminent move into KSA, as it eyes other MENA markets.
Dubai-based startup, iKcon, has raised a $20 million Series A funding round, led a by a host of regional investment groups, including the Mohamed Yousuf Naghi Group, Al Touq Group, Derayah Ventures, B&Y Venture Partners, Abdul Mohsin Al Houkair Holding Group and Nazer Group.
Already on the cusp of launching in KSA, the tech-powered cloud kitchen as a service operator plans to channel the investment into other countries in MENA and has reportedly set a target of growing its network of cloud kitchens to 50.
Founded in 2019 by Khalid Baareh and Kareem Abughazaleh, iKcon was established on the premise of procuring, cooking and delivering food on behalf of restaurants and brand owners. It currently operates 15 cloud kitchens across UAE and works with over 70 F&B businesses, as the demand for food delivery continues to grow.
“We are constantly reinvesting in our operational excellence & training programs, and we expect to accelerate this as we continue to scale our reach,” Abughazaleh, who serves as COO, said, with Baareh - the CEO - adding that the investment will also be chanelled in developing of iKcon’s proprietary technology stack.
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