The strategic funding led by FoodLabs is proudly announced by Barakah, an online marketplace that addresses commercial food waste in the region. FoodLabs’ debut into the MENA region is symbolized by this historic investment, which also highlights Barakah’s remarkable growth trajectory and dedication to sustainability.
With an impressive portfolio that includes being the first investor in multiple unicorns and helping to build the fastest-growing European unicorn, FoodLabs is a highly successful early-stage European venture capital firm that specializes in foodtech and agritech startups. In addition to sending a clear message to startups in the Kingdom and the MENA region, the choice to collaborate with Barakah is in line with FoodLabs’ objective to assist creative endeavors employing proprietary technology to address urgent global issues.
Christophe Maire, Founder and Managing Partner at Food Labs, commented on the partnership, saying, “Barakah’s model is beneficial for customers, retail partners, and the planet. We are supporting a brilliant team with ambitions to expand throughout the GCC and achieve global success with top Saudi tech talent.”
Barakah is an online marketplace that was founded in 2022 by Abdulaziz Al-Saud and Rabah Habiss with the goal of reducing food waste by bringing together food retailers and customers to sell excess inventory and cheap meals. The platform gives customers access to reasonably priced and environmentally friendly food options in addition to assisting businesses in reducing waste and creating new revenue streams.
Barakah has sold over 400 thousand meals that would have otherwise been discarded across six Saudi cities since its founding, demonstrating remarkable success. In Saudi Arabia, it has quickly become one of the most downloaded food and drink apps. It has partnerships with more than 800 merchants, including both large local retailers and international brands like Tim Hortons and Dunkin.
Barakah’s CEO, Abdulaziz Al-Saud, expressed his satisfaction with the company’s progress thus far and the early backers’ support, including Oryx HP, 500 Sanabil, Kaust Innovation Ventures, and Plus VC. By utilizing FoodLabs’ strategic insights and worldwide Food Tech expertise, Al-Saud believes that working with Christophe Maire and the elite team at FoodLabs will accelerate their growth and broaden their offerings.
“Barakah is a venture demonstrating that commerce and growth can drive impact. Saving food waste is a multi-billion-dollar opportunity, and the more Barakah strives, the bigger the positive impact for society and the climate,” added Christophe Maire.
Barakah has reached a major milestone with this funding, opening the door to more growth both inside Saudi Arabia and into new GCC markets. Barakah is in a strong position to accomplish its lofty goals and advance a more responsible and sustainable global food ecosystem thanks to FoodLabs’ vast experience and network.
