Dubai: Another of Dubai's cloud kitchens is raking in investor support. iKcon has closed a pre-Series A round of $5 million, which was led by Arzan VC, AlTouq Group and Nazer Group.It has to date secured $10 million since inception.
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 and other countries through 2021.
iKcon has plans to rapidly grow its network to thirty cloud kitchens in the near future. According to Khalid Baareh, CEO, “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 knowhow and a passion for quality food. We plan on launching iKcon’s Series A round in fourth quarter 2020.
"The funding will fuel regional expansion and technology built out."
