Saudi-based food-tech start-up Siwar has closed a SR28 million ($7.5 million) Series A funding round led by Seera Group, the largest travel and tourism company in the region.
Launched in 2020, Siwar aims to meet the growing demand and untapped needs of a new generation of consumers within the F&B market.
With a focus on the ‘ready to eat food’ segment, the homegrown brand combines the traditional values of home cooked food with a state-of-the-art freeze technology to provide affordable alternatives to eating out that use natural ingredients.
“With the successful fund raise, we will be able to fund our high growth business plan and with Seera Group as a strategic partner, Siwar will have access to resources, research and development, and years of experience that we can tap into to catapult our growth plans,” said Loaye AlNahedh, CEO of Siwar.
The strategic partnership brings together Siwar’s consumer insights and modern product development capabilities with Seera Group’s highly specialised consumer analytics platform and distribution network, fuelling potential growth opportunities for both companies.
“In alignment with Vision 2030, we are progressing swiftly towards addressing evolving market needs and catering to the new generation of food consumers requiring a unique product portfolio that delivers the best of the culinary traditions of the Kingdom in a contemporary technology-enabled format,” added AlNahedh (pictured below).
Commenting on the announcement, Majed AlNefaie, CEO of Seera Group, said: “We are excited to lead the Series A round as consumers are embracing online ordering and eating at home like never before.
“It’s an evolution brought on by the pandemic but taking hold for the long term. Siwar is an innovative, fast-growing, food-tech start-up, and we hope it accelerates the Group’s ability to capitalise on the new realities in Saudi Arabia’s ready meals market.”
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