iKcon (Innovative Kitchen Concepts), a Dubai-based cloud kitchen operator, has raised $20 million in a Series A round, the company announced Sunday. Several investors including Mohamed Yousuf Naghi Group, Derayah Ventures, AlTouq Group, Nazer Grou, AbdulMohsin Al Houkair Holding Group, and B&Y Venture Partners participated in the round.
With the success of the latest round, the total capital raised by iKcon so far has shot up to $32 million.
iKcon was launched in 2019 by co-founders Khalid Baareh and Kareem Abughazaleh who wanted to help F$B brands and restaurants to grow using its extensive network of clout kitchens spread throughout Abu Dhabi and Dubai.
The startup procures ingredients and cooks and then delivers food on behalf of partner restaurants. The bulk of iKcon’s clientele include F&B brands that don’t have large networks of stores and outlets, which means without iKcon, they could be missing out on a lot of potential customers.
“We are thrilled to be backed by leading regional investors and Venture Capital firms that share our vision and actively support our growth. The newly raised funds will be used to accelerate KSA & regional expansion plan, and the development of iKcon’s proprietary technology stack,” Khalid Baareh, the co-founder and CEO of iKcon.
As of March 2021, iKcon is partners with more than 70 regional and international brands. The company has more than 650 employees, which is likely to further expand with the success of the latest Series-A round.