ⓘ Featured image: iKcon founders – Khalid Baareh (L) and Kareem Abughazaleh
Dubai’s cloud kitchen platform iKcon has reportedly raised a whopping $5 million in a pre-Series A round led by Arzan VC, AlTouq Group and Nazer Group. The company has secured $10 million since inception in early 2019.
The company will deploy the fresh funds towards to fuel its regional expansion and technology built out – iKcon said in a statement.
iKcon was founded in Dubai in early 2019, by Khalid Baareh and Kareem Abughazaleh to tap into a demand for food delivery across the Middle East. It operates 10 cloud kitchens in the UAE and plans to start operations in Saudi Arabia in the fourth quarter and other countries through 2021.
iKcon has plans to rapidly grow its network to thirty cloud kitchens in the near future. Speaking of the growth plans, Khalid Baareh, CEO of iKcon, 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 fourth quarter 2020.”