B2B ecommerce startup Eighty6 raises $3.7M in seed round
Eighty6 will use the newly raised funds to enhance the B2B platform's performance and expansion of operations in Saudi Arabia, Kuwait, and within the UAE.
UAE-based B2B (business-to-business) ecommerce platform raised $3.7 million in a seed funding round. Sanabil 500 MENA Seed Accelerator Fund, a few prominent family offices, and strategic investors took part in the round.
The startup will use the funds to enhance Eighty6's technological capabilities and expand across the UAE and foray into Saudi Arabia and Kuwait, as per an official press note.
Eighty6, an online procurement platform for restaurants in the UAE, is currently recruiting across Saudi Arabia and Kuwait to double the size of its tech team.
Founded in 2021 by Abdul Kader Saadi, it connects F&B (food and beverages) suppliers and buyers in a marketplace-like platform to reduce mistakes, gaps, and food wastage.
"We aim to help suppliers reduce the expenses incurred in managing daily orders and extend their market reach while offering buyers a smoother and more transparent solution to plan their daily procurement requirements," said the founder.
Eighty6 became a part of the fourth batch of Sanabil 500 in December 2022 to receive mentorship, business development, and funding.
As per Market Data Forecast, the food and beverages market of MEA is expected to be valued at $59.16 billion by 2028, after it was valued at $30.88 billion in 2022.
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Edited by Suman Singh