Technology

REEF acquires Dubai-based virtual kitchen company

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November 8, 2021

REEF, an operator of delivery kitchens, logistics and proximity hubs in North America, has acquired Dubai-based iKcon Restaurant LLC, marking Reef's first major transaction in the MENA market.

"We are excited to welcome iKcon and its team members to REEF's global proximity platform," Tommy Rosen, head of Development at REEF, said in a company press release. "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."

With a network of kitchens in prime locations and over 800 employees, iKcon uses smart technology solutions, chefs and customer service teams to extend the reach of its portfolio of over 100 local, regional and international restaurant partners such as Just Salad, YO Sushi, Dunkin', California Pizza Kitchen and German Doner Kebab.

"Since its inception, iKcon has consistently focused on operational excellence and building a unique customer-centric business model," Khalid Baareh, co-founder and CEO of iKcon, said in the release. "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."

REEF, backed by a group of investors, including Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, SoftBank Vision Fund 1, funds managed by Oaktree Capital Management, L.P., UBS Asset Management and Target Global, focuses on transforming urban spaces into proximity hubs that create jobs and bring new goods, services, and experiences to neighborhoods across the globe.

Founded in early 2019 to address the rising demand for food delivery in Dubai, iKcon provides kitchen-as-a-service solutions to restaurants and food operators allowing them to rapidly scale their operations and expand their delivery coverage and customer reach, according to the release.