Dubai-based online procurement platform, Eighty6, has raised $3.7 million in a seed funding round that was led by Sanabil 500 MENA Seed Accelerator Fund, GCC family offices, and strategic investors.
The platform's goal is to reduce time spent on procurement while minimizing mistakes, gaps, and food wastage. Eighty6 founder, Abdul Kader Saadi, who has over 30 years of experience in the food and beverage industry, said the platform's mission is to "streamline and digitize the daily procurement process."
The funds raised will be used to enhance Eighty6's technological capabilities, expand operations in the UAE, and launch in Saudi Arabia and Kuwait, thereby expanding the platform's reach across the F&B ecosystem.
In addition to expanding its team, Eighty6 plans to use the funds to leverage machine learning capabilities and offer buyers greater transparency and cost savings while enabling suppliers to increase their sales volumes.
Apostolos Binomakis and Mohamad Bhojani will join the board of directors to help scale the business. Amal Dokhan, General Partner with 500 Global MENA, said she is excited to support the platform's vision, saying, "We strongly believe in the team's ability to execute our vision and look forward to seeing them make a significant impact in the F&B industry."