Saudi foodtech startup Matbakhi raises $2.3M pre-seed funding
The Riyadh-based foodtech startup has raised funding from Bugshan Investment Company and an undisclosed group of angel investors.
Riyadh-based foodtech startup has raised $2.3 million in a pre-seed round led by angel investors and Bugshan Investment Company.
The startup aims to use the proceeds to expand its 'hotel cloud kitchen' model across Riyadh and Eastern Region of Saudi Arabia.
The startup, which was founded in October 2022 by Joe Frem and Rodolph Njeim, collaborates with local chefs to "democratise" access to curated F&B concepts, said a note. Matbakhi acts as an F&B supplier to hotels and focuses on different menus and customer experience.
The hotel cloud kitchen model is ultra asset-light, allows faster scale, reduces challenges of labour and licensing, and enables launching of operations in multiple locations, said Joe, CEO and Co-founder of Matbakhi. He hoped this model would ensure a financially stable company.
Matbakhi's focus is to build hyperlocal brand creation, said Joe.
Matbakhi currently operates from five locations in Riyadh, with four brands. It intends to expand across Riyadh and enter the Eastern Region by the end of this year. The company also plans to increase its portfolio to over 20 brands and become profitable by the first quarter of FY2024.
Edited by Swetha Kannan