LUNCH:ON secures further $2.5 million
LUNCH:ON has secured a further $2.5 million in the final close of its Series A, bringing the total funding round to $5.5 million.
The investment was led by Wamda Capital and Global Ventures, with B&Y Ventures, Derayah VC Fund, Mindshift Capital, Shorooq Investments and Vision VC coming into the round since the initial close was announced in February.
The investment will be used to expand the food technology startup’s presence in the UAE and expansion into Saudi Arabia.
Founded by Mohammad Al Zaben and Dana Baki in February 2016, LUNCH:ON partners with restaurants to offer office workers a selection of curated meals from three different restaurants at discounted prices.
“We identified a gap in the market as it relates to affordable lunch options for working professionals,” said Al Zaben. “LUNCH:ON offers a simple solution that saves customers both time and money.”
The company now works with 200 restaurants in Dubai and delivers to more than 500 offices across the UAE. Its Dh39 monthly subscription ‘Pro’ service offers each meal at a more discounted price of Dh25 and the company recently launched a catering service for corporates.
“Companies are now able to order platters, plan food for any kind of event or order the traditional LUNCH:ON boxed meals for their teams with just a few clicks,” says Baki. “This part of the business has taken off quite nicely as we have learned that corporate catering is a huge pain point for those involved, that no other regional players are addressing adequately.”
The Middle East’s food technology sector is one of the most active and the restaurant-to-door online delivery service is worth $3.5 billion in the UAE alone with 60 per cent of the population using a food delivery app on their smartphone or tablet.
“We believe that this latest round will allow the company to expand its geographic footprint as as well venture into new offerings that will help redefine the food space,” said Khaled Talhouni, managing partner at Wamda Capital.