- Saudi Arabia-based footech Haseel has raised a $6.6 million Series A funding round led by Vision Ventures, with participation from Arzan Ventures, Riyad Taqnia Fund, Sky Horizon, Aid for Investments alongside angel investors.
- Founded in 2018 by Sultan Al Haddab, Haseel allows both individuals and businesses to buy fresh food supplies directly from farmers through Haseel’s mobile applications and have them delivered in two hours in over 16 cities in Saudi Arabia.
- Haseel plans to use the new funding to further serve more cities and expand its B2B services.
Haseel, a fresh produce e-commerce company today announced its SAR25 million ($6.6 million) Series A funding round led by Vision Ventures. The round also included participation by Arzan Ventures, Riyad Taqnia Fund, Sky Horizon, Aid for Investments along with prominent angel investors. Haseel delivers your needs of fresh produce on daily basis to your home or restaurant within 2 hours.
Haseel was founded in 2018 in Riyadh by Sultan Al Haddab. Sultan saw a clear problem in the fresh produce market with the existence of several layers of distributors that add additional margins making the end product expensive and losing farmers' valuable revenues that they deserve. Haseel focused initially on consumers capturing a large segment of the market. It started by offering next-day delivery. Last year, it started offering 2 hours delivery to most
cities in Saudi Arabia. Recently, Haseel opened its B2B segment to serve hotels, restaurants and cafes (HoReCa) businesses with their needs for quality fresh produce through an easy-to-use application and management platform.
Haseel makes it easy for families to shop for fresh produce through its intuitive mobile app available on both iOS and Android. Haseel today links farmers with consumers and now businesses guaranteeing farmers the best value for their produce, while at the same time it guarantees consumers the highest quality fresh produce in the market. Haseel works with local farmers to help them sell their products efficiently. It also provides businesses with an easy-to-use app to order their daily and weekly needs with ease and have them delivered to your businesses’ doorstep.
According to the latest study by BCG and Meta (previously facebook) published in December 2021, e-commerce in Saudi Arabia has grown in the past two years by over 60% which is 2.5 times the average international growth rate. The current market size is estimated at $40 billion with an estimated compound annual growth rate (CAGR) of 3.5% over the next 10 years. The
market-fresh produce market continues to be very fragmented. Haseel is in the market to solve market gaps and help ease bottlenecks while unlocking growth opportunities for farmers in Saudi Arabia and the region.
Sultan Al Haddab, founder and CEO of Haseel, said, “We are very proud of the trust of our clients and partners. Haseel is just touching the surface of one of the largest retail sectors in Saudi Arabia. We are determined to become the leaders in this market and our growth and market acceptance rates reflect that.”
In addition to its technology in its mobile apps, sourcing and logistics, the company is working towards artificial intelligence to assist farmers in deciding the best products they need to grow on their farms during different times as market demand and supply shift. The company aims to use the funding to further invest in technology, cement its position in the current markets, and invest in talent.
“We’re excited to continue to support Haseel in its mission to provide the local market with the highest quality fresh produce. The demand continues to grow, and businesses and consumers alike need a trusted supplier they can depend on. Haseel links farmers with consumers and businesses and helps secure a critical aspect of our food security.” said Kais Al-Essa, Founding Partner and CEO of Vision Ventures.
Haseel today operates and serves clients in over 16 cities in Saudi Arabia. It has more than 110 employees and 35 chilled cars for the best possible transport experience and quality of food.
To date, Haseel served over 400k clients and sold over 10 million kilograms of vegetables and fruits. It has grown over 600% in B2B during last year alone.
Haseel plans to further serve more cities. It also plans to expand further in B2B and become one of the main suppliers in the market.