USA-based REEF Technology Inc. of their acquirement of the popular UAE-based KaaS and cloud kitchen operator, iKcon. REEF is a leading operator of delivery kitchens, logistics, and proximity hubs in North America, marking their debut into the MENA region and that’s not all.
iKcon was founded back in 2019 and has been providing tech-enabled cloud kitchen operators that procure, cook, and deliver food on behalf of restaurants and brand owners. The acquisition had happened right after the expansion funding it had gotten which was a $20M Series A funding round led by AlTouq Group, Derayah, BY Venture Partners (BYVP), and Nazer Group. And it has opened the enhancement of both two entities to merge Tech potential and operation expertise to cater to kitchen hubs in MENA and across the globe.
In light of this power partnership, Head of Development at REEF Tommy Rosen highlighted “We are excited to welcome iKcon and its team members to REEF’s global proximity platform. The Middle East and North Africa are crucial markets in the rapidly evolving F&B and retail industries, and our acquisition of iKcon will position REEF to become a leader in the region.”
“Since its inception, iKcon has consistently focused on operational excellence and building a unique customer-centric business model,” said Khalid Baareh, Co-Founder and CEO at iKcon. “The past three years have taught us the importance of pursuing our vision with commitment and passion, driven by a world-class team. Today, we are thrilled to join the REEF team and to continue our journey of bringing innovation to neighborhoods everywhere. REEF’s leadership in proximity will play a great role in accelerating our regional expansion plans. We are fully committed to driving the development of REEF in MENA.”