Report: The Saudi Food Tech Industry And The Entry of Barakah

The FoodTech industry in Saudi Arabia is experiencing rapid growth. The market size for foodservice in Saudi Arabia is expected to reach 42.48 billion USD by 2029, growing at a rate of 9.10% annually.

This growth is driven by factors such as the increasing disposable income of Saudi Arabians, the demand for convenience and delivery, urbanization, and the popularity of online shopping.

The FoodTech industry in Saudi Arabia is still in its early stages but is growing rapidly. It is expected to continue growing as more people adopt the convenience of online food ordering and delivery.

This presents opportunities for new startups to enter the market. However the FoodTech startup Barakah is emerging as a new player in this industry in the Saudi Arabia region.

Top Saudi FoodTech Startups

There are various FoodTech startups in Saudi Arabia offering different services. These include online food ordering and delivery, cloud kitchens, on-demand meal kits, food waste reduction platforms, and food tracking and traceability platforms.

Saudi people can access these FoodTech services through online platforms, mobile apps, phone calls, and in-store kiosks. Some popular FoodTech startups in Saudi Arabia include Talabat, Hungerstation, Jahez, and Careem Now.

Saudi-Based FoodTech Startup Barakah

Barakah is a Saudi-based startup that’s making waves in the FoodTech industry. They’re all about tackling the issue of food waste, which is a significant problem globally.

In just 10 months, Barakah has helped its partners deliver over 100,000 meals that would have otherwise gone to waste.

Why Did Barakah Secure $1.5 Million In Funding?

Well, it’s because they’ve got a unique and promising approach to dealing with food waste. This funding came through a seed funding round led by Hambro Perks Oryx Fund, with participation from several other investors, including 500 Global, +VC, KAUST Innovation Ventures, Annex Investments, and angel investors.

This funding they’ve secured is going to help them expand their services to more cities in Saudi Arabia and improve their offerings. So, they’re not only making a positive impact on food waste, but they’re also growing as a business.

What Is Barakah’s Food Waste Solution?

Barakah’s solution is pretty cool. They’ve developed an online marketplace that helps food retailers like restaurants, bakeries, and grocery stores sell their surplus inventory. 

Instead of throwing away perfectly good food, these businesses can use Barakah’s app to sell it to consumers at discounted prices.

Now, this is not only great for reducing food waste but also a win-win for both the retailers and consumers. 

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Retailers can recover some of their costs and reduce waste, while consumers get access to fresh, affordable meals and products. So, it’s a smart way to bridge sustainability and profitability.