Saudi Arabia’s Qawafel, a B2B market simplifying commerce between consumers and suppliers of perishable meals merchandise throughout the Kingdom, has closed its first funding spherical (Seed) of $3 million, co-led by AlSayed Group and Khwarizmi Ventures, along with a lot of angel traders.
Qawafel is a B2B tech-enabled firm linking suppliers to numerous consumers and factors of sale within the confectionery and refrigerated market. It offers built-in technical options aimed toward enhancing the fragmented wholesale market by way of a full-stack B2B platform and digital companies, providing a seamless consumer expertise for each clients and distributors when managing operations. This in flip contributes to selling native manufacturing and elevating the effectivity of the market’s provide chains by way of seamless last-mile supply and funds collections.
Headquartered in Riyadh, Qawafel began its enterprise within the confectionery house over the last quarter of 2020 by co-founders Turki AlAyyad (CEO), Walid Al-Ghobain (Chief Partnership Officer), and Qays Bahurmuz (Chief Product & Expertise Officer). Immediately Qawafel serves greater than 5000 factors of sale in additional than 188 cities and cities in Saudi Arabia and has maintained a gross sales development charge of 30% per 30 days; an affidavit to seamless buyer expertise and belief.
Mr Turki AlAyyad, CEO of Qawafel, commented on this regard saying: “Qawafel began within the confectionery and chocolate market, the place gross sales are estimated at SAR5 billion yearly and purchased roughly 1% of the Saudi market in a brief interval as 500 tons of chocolate have been processed and handed across the cities of the Kingdom. We intention to develop vertically within the confectionery sector typically, the place annual gross sales exceed SAR20 billion.”
Qawafel offers a “market information” service that goals to assist and help small factories within the course of of making and innovating new merchandise. The corporate has efficiently enabled greater than 300 native factories, which has contributed to rising the common charge of orders in these factories. Qawafel plans to make use of the funding throughout the operation and development of its enterprise, R&D to enhance and create new services and products, in addition to enter new sectors and markets by the top of 2022, such because the frozen meals business.
“Qawafel’s imaginative and prescient is to offer the wanted technical and logistical options to maneuver the chilled meals wholesale market to e-commerce and to allow small household companies and store house owners to develop and have a presence in new areas. By reaching this, Qawafel goals to help domestically made merchandise and contribute to enhancing facets round nationwide meals safety,” added Turki AlAyyad.
Abdulaziz Al-Turki, the Managing Accomplice at Khwarizmi Ventures, additional commented: “The HoReCa house is exhibiting fixed development and excessive exercise. Turki and the Qawafel workforce are dedicating nice efforts in defragmenting the confectionery wholesale market, easing provide chain administration for each consumers and suppliers, and creating nice constructive native impression.”