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Dubai cloud kitchen platform iKcon secures $10m funding

Dubai cloud kitchen platform iKcon secures $10m funding

iKcon currently operates ten cloud kitchens across the UAE

Dubai-based cloud kitchen platform iKcon has secured $10m of funding since inception, it announced on August 10.

The funding including a recently closed pre-series A round of $5m led by Arzan VC, AlTouq Group and Nazer Group among other investors.

Established in 2019 to address the growing demand for food delivery across the Middle East, iKcon currently operates ten cloud kitchens across the UAE with plans to start operations in Saudi Arabia in Q4 2020 and other countries in the region throughout 2021.

iKcon has plans to rapidly grow its network to thirty cloud kitchens in the future.

Khalid Baareh, co-founder and CEO, said: “One of the big issues that restaurants and food entrepreneurs face is the financial and operational burden of expanding. Another major issue is their ability to adopt technology to improve their operational capabilities. iKcon’s business model solves both of those issues through its proprietary technology, operational know-how and a passion for quality food.”

“We plan on launching iKcon’s Series A round in Q4 2020. The funding will fuel iKcon’s regional expansion and technology built out. We are laser focused on developing proprietary technology to accelerate the evolution of data analytics, process automation and AI as a key differentiator in our fast-growing space. The next few years are going to be very exciting and transformational years for the food delivery market.” Khalid added.

Additionally, Lumina Capital Advisors has been appointed to oversee the Series A funding round which commences in Q4 2020.

The company has partnered with numerous brands operating in the region, helping them reach a significantly larger customer base in a short time frame with no capital or operating expenditure, resulting in substantially better returns.

“Driven by operational excellence and technology, iKcon acts as a franchisee on the behalf of its partner restaurants and brand owners. We enable each to adjust their offering to a new era of food delivery by extending their reach within the same city, within the same country and across borders,” noted Kareem Abughazaleh, co-founder and COO.

Also read: Will online food ordering sidetrack retail e-commerce?

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