Saudi Arabia's food technology start-up Barakah has raised $1.5 million in a seed-funding round led by Oryx Fund, a Mena-focused investment fund run by UK-based Hambro Perks.
Other investors included 500 Global, +VC, King Abdullah University of Science and Technology Innovation Ventures, and Annex Investments, the company said on Monday.
Hambro Perks Oryx Fund, an early supporter and investor in Barakah, said the company was “one of the fastest-growing FoodTech start-ups” in Saudi Arabia.
“The company tackles the significant challenge of food waste by providing a platform where surplus food is sold to consumers at discounted prices,” said Ivo Detelinov, general partner of the Oryx Fund.
Barakah, which currently operates in Riyadh and Jeddah, will use the investment to expand into other major cities in the kingdom.
It said the investment would also “enhance” the start-up’s offerings in existing markets.
Barakah chief executive Abdulaziz Al Saud said the company's aim was to “to reshape perceptions around surplus food”.
“We've created a platform where excess inventory transforms into a viable business opportunity,” he said.
Founded in 2021, Barakah helps restaurants, bakeries and groceries fight food waste by allowing them to sell their surplus inventory through its app.
“We are excited to join Barakah’s journey and support their mission to tackle inefficiencies in the food service industry,” said Amal Dokhan, general partner of 500 Global.
Saudi Arabia led the Mena region in attracting the highest number of venture capital investment deals for its start-ups in the first quarter of 2023. It also led the region in terms in terms of deal value.
The UAE led in terms of the number of exits, according to data platform Magnitt.
The kingdom was the most funded for start-ups in the three months to March, attracting $359 million out of the total $818 million capital for the Mena region, the report said.
Overall, venture capital funding for start-ups in Saudi Arabia rose by 72 per cent annually to $987 million from 144 deals in 2022, according to Magnitt data.
Hasan Haider, founder and managing partner at +VC, said that Barakah offered “unmatched value” to consumers and businesses.
“Its rapidly increasing client footprint is a testament to the company’s positioning as one of the leading platforms in the food industry,” Mr Haider said.
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Rory Burns, Keaton Jennings, Ben Stokes, Joe Root (c), Jos Buttler, Moeen Ali, Ben Foakes (wk), Sam Curran, Adil Rashid, Jack Leach, James Anderson
Benefits of first-time home buyers' scheme
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
OIL PLEDGE
THE BIO:
Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.
Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.
Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.
Personal motto: Believe it and you can achieve it.
Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
Overview
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Sunday, February 9, Oman v Nepal
Tuesday, February 11, Oman v United States
Wednesday, February 12, United States v Nepal
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RESULT
RS Leipzig 3
Marcel Sabitzer 10', 21'
Emil Forsberg 87'
Tottenham 0
Results
5pm: Al Falah – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Bshara, Richard Mullen (jockey), Salem Al Ketbi (trainer)
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7pm: Al Mafraq – Handicap (PA) Dh80,000 (T) 1,600m; Winner: JAP Almahfuz, Royston Ffrench, Irfan Ellahi
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ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
UAE finals day
Friday, April 13
Rugby Park, Dubai Sports City
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Key facilities
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- 600-seat auditorium
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The specs
Engine: 3.5-litre V6
Power: 272hp at 6,400rpm
Torque: 331Nm from 5,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.7L/100km
On sale: now
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Transgender report
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
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Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
