ChatFood secures $3M in bridge round; seeks expansion in Saudi Arabia

By Pranali Mehta  | Date: 2022-08-01

ChatFood secures $3M in bridge round; seeks expansion in Saudi Arabia

ChatFood, a UAE-based commission-free ordering platform, has recently secured USD 3 million in a bridge round headed by Antler, a global early-stage venture capital firm, with a reserved amount for its key strategic partners in Saudi Arabia.

6G Capital, the family office arm of India-based agriculture commodities firm Allana Group, along with prevailing investors like Zinal Growth, the family office of Checkout.com founder and CEO Guillaume Pousaz, also participated in the round.

Subsequent to this round, ChatFood has gathered a total funding of USD 7 million, following a seed round headed by UAE-based venture capital funds, Wamda Capital and BECO Capital in 2021.

It has also been reported that in order to maximize its business potential, ChatFood now looks to capitalize on social media trends to avail multiple benefits. Apparently, the company's first target is Saudi Arabia.

Benjamin Mouflard, Co-Founder and CEO of ChatFood, addressed Saudi Arabia as one of the leading countries with the largest social media presence worldwide.

According to market statistics, the country's active social media users stand at 25 million, accounting for an astonishing 72% of the populace.

Mouflard mentioned that ChatFood is proud of being recognized as an authorized WhatsApp commerce partner. Along with the current Instagram integration, it is anticipating its emergence as a frontrunner in unified social media food ordering in the market.

In addition to the digital trends, Mouflard's team is also looking at expanding product development initiatives in the hospitality industry, which is predicted to be valued at over $25 billion by 2026.

Benjamin further revealed that by the end of next year, the firm plans to have more than 300 venues with a digitalized ordering and payment system.

For the unversed, the hospitality sector is thriving in Saudi's large dine-in venues; while events and hotels are being monthly launched.

However, to overcome the rising food prices and a shortage of skilled labor and F&B players, the country will look forward to digital tools to unlock efficiency while still offering extraordinary experiences.

Source Credit - https://www.entrepreneur.com/article/432440

About Author

Pranali Mehta     aeresearch.net

Pranali Mehta

A chemical engineer by qualification, Pranali Mehta has dutifully walked down the slated path and worked in the chemicals industry for a year. Her passion for writing however, pushed her into experimenting with the same as a career. With over three years of experience...

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