Saudi Arabia’s Qawafel, a B2B marketplace simplifying trade between buyers and suppliers of perishable food products across the Kingdom, has closed its first investment round (Seed) of $3 million, co-led by AlSayed Group and Khwarizmi Ventures, in addition to a number of angel investors.
Mr Turki AlAyyad, CEO of Qawafel, commented in this regard saying: “Qawafel started in the confectionery and chocolate market, where sales are estimated at SAR5 billion annually and acquired approximately 1% of the Saudi market in a short period as 500 tons of chocolate were processed and passed around the cities of the Kingdom. We aim to expand vertically in the confectionery sector in general, where annual sales exceed SAR20 billion.”
Qawafel plans to use the funding across the operation and growth of its business, R&D to improve and create new products and services, as well as enter new sectors and markets by the end of 2022, such as the frozen food industry.
