Kaso, a Saudi Arabian start-up, has raised $10.5 million in a new seed funding round and launched a FinTech platform that it will use to boost its operations in the Middle East food and beverage procurement market.
The business-to-business company aims to scale up its restaurant supply management tools to enhance its services that are being used by its 5,000-plus partners in the UAE and Saudi Arabia.
The goal is to achieve a gross merchandise value of $1 billion in 12 months, Kaso said on Wednesday.
Dubai-based Spade Ventures, Saudi Arabia's Hala Ventures and Seedra Ventures, Oman-based Cyfr Capital, Jersey's BY Venture Partners, San Francisco's Pioneer Fund and Singapore's Vulpes Ventures participated in the funding round.
Other participants include regional family offices and other strategic investors from Saudi Arabia, as well as previous investors Global Founders Capital, from Germany, and Singapore's MSA Novo, both of which led Kaso's initial $2.1 million seed round in 2021.
Silicon Valley-based Y Combinator is also an investor.
“It is very encouraging to see strong regional and international investors joining us, especially considering the challenges some start-ups currently face in the fundraising market,” said Manar Alkassar, co-founder of Kaso.
Kaso's goal is to “revolutionise” the F&B supply chain, one of the world's oldest industries, and steer its operations away from traditional methods to a more streamlined and technology-backed ecosystem, it said.
Digitalising the relationship between restaurants and suppliers can improve efficiency and transparency in the food supply chain, as well as reduce food waste in the region, Kaso said.
The company launched its FinTech platform to tackle such inefficiencies, Mr Alkassar said.
“It will offer payments and credit facilities to restaurants, further solving key challenges in the industry,” he said.
Kaso did not disclose its expansion plans beyond the UAE and Saudi Arabia. Representatives from the company were unavailable to respond to a request for comment from The National.
Start-ups around the world continuously seek investment to fund their operations and advance their products.
In Dubai, start-ups raised more than $2 billion collectively last year, double the financing secured in 2021, as the emirate focuses on becoming the global destination of choice for digital entrepreneurs.
More than 30 per cent of funding rounds in the Mena region are attributed to start-ups in Dubai, while 87 per cent of all funding rounds for UAE-based companies are for start-ups in the emirate, a Dubai Chamber of Digital Economy study showed last month.
It is very encouraging to see strong regional and international investors joining us, especially considering the challenges some start-ups currently face in the fundraising market
Manar Alkassar,
co-founder of Kaso
Meanwhile, the region's F&B sector is a highly competitive industry in which restaurants, delivery companies and procurement service providers position themselves for a slice of the market share.
The Middle East, with about 300,000 restaurants, trails North America (1.47 million), Europe (1.98 million), Latin America (2.35 million) and the Asia-Pacific (17 million), data from Statista shows.
However, it is still a very lucrative market as demands in the F&B supply chain – from restaurants seeking to streamline their services to consumer preferences for quick deliveries – continue to grow.
In the GCC, the F&B market is projected to hit $128.2 billion by 2029, up from an estimated $94.4 billion in 2023, at a compound annual growth rate of more than 6.1 per cent, according to research firm OCO Global.
“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,” said Ahmed Soliman, co-founder of Kaso.
Kaso was founded in 2021 and has grown fivefold since, it said. Among the notable brands under its partners portfolio are Burger King, Buffalo Wild Wings, Caribou Coffee, Chili’s and Tim Hortons.
Day 1, Abu Dhabi Test: At a glance
Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.
Stat of the day - 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.
The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227 for four at the close.
ODI FIXTURE SCHEDULE
First ODI, October 22
Wankhede Stadium, Mumbai
Second ODI, October 25
Maharashtra Cricket Association Stadium, Pune
Third ODI, October 29
Venue TBC
Pakistan T20 series squad
Sarfraz Ahmed (captain), Fakhar Zaman, Ahmed Shahzad, Babar Azam, Shoaib Malik, Mohammed Hafeez, Imad Wasim, Shadab Khan, Mohammed Nawaz, Faheem Ashraf, Hasan Ali, Amir Yamin, Mohammed Amir (subject to fitness clearance), Rumman Raees, Usman Shinwari, Umar Amin
UAE currency: the story behind the money in your pockets
FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
LIKELY TEAMS
South Africa
Faf du Plessis (captain), Dean Elgar, Aiden Markram, Hashim Amla, AB de Villiers, Quinton de Kock (wkt), Vernon Philander, Keshav Maharaj, Kagiso Rabada, Morne Morkel, Lungi Ngidi.
India (from)
Virat Kohli (captain), Murali Vijay, Lokesh Rahul, Cheteshwar Pujara, Rohit Sharma, Ajinkya Rahane, Hardik Pandya, Dinesh Karthik (wkt), Ravichandran Ashwin, Bhuvneshwar Kumar, Ishant Sharma, Mohammad Shami, Jasprit Bumrah.
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
The Light of the Moon
Director: Jessica M Thompson
Starring: Stephanie Beatriz, Michael Stahl-David
Three stars
RESULTS - ELITE MEN
1. Henri Schoeman (RSA) 57:03
2. Mario Mola (ESP) 57:09
3. Vincent Luis (FRA) 57:25
4. Leo Bergere (FRA)57:34
5. Jacob Birtwhistle (AUS) 57:40
6. Joao Silva (POR) 57:45
7. Jonathan Brownlee (GBR) 57:56
8. Adrien Briffod (SUI) 57:57
9. Gustav Iden (NOR) 57:58
10. Richard Murray (RSA) 57:59
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
2019 ASIA CUP POTS
Pot 1
UAE, Iran, Australia, Japan, South Korea, Saudi Arabia
Pot 2
China, Syria, Uzbekistan, Iraq, Qatar, Thailand
Pot 3
Kyrgyzstan, Lebanon, Palestine, Oman, India, Vietnam
Pot 4
North Korea, Philippines, Bahrain, Jordan, Yemen, Turkmenistan
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Adele: The Stories Behind The Songs
Caroline Sullivan
Carlton Books
The biog
DOB: 25/12/92
Marital status: Single
Education: Post-graduate diploma in UAE Diplomacy and External Affairs at the Emirates Diplomatic Academy in Abu Dhabi
Hobbies: I love fencing, I used to fence at the MK Fencing Academy but I want to start again. I also love reading and writing
Lifelong goal: My dream is to be a state minister
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
The Vines - In Miracle Land
Two stars
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Women%E2%80%99s%20Asia%20Cup
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'Falling%20for%20Christmas'
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Racecard
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THE%20JERSEYS
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RESULTS
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UAE%20SQUAD
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if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
The%20specs
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The Bio
Ram Buxani earned a salary of 125 rupees per month in 1959
Indian currency was then legal tender in the Trucial States.
He received the wages plus food, accommodation, a haircut and cinema ticket twice a month and actuals for shaving and laundry expenses
Buxani followed in his father’s footsteps when he applied for a job overseas
His father Jivat Ram worked in general merchandize store in Gibraltar and the Canary Islands in the early 1930s
Buxani grew the UAE business over several sectors from retail to financial services but is attached to the original textile business
He talks in detail about natural fibres, the texture of cloth, mirrorwork and embroidery
Buxani lives by a simple philosophy – do good to all
