REEF Technology, the largest operator of delivery kitchens, logistics, and proximity hubs in North America, announced its entrance to the Middle East and North Africa region through the full acquisition of UAE-based iKcon, a cloud kitchen operator. The acquisition of iKcon marks REEF’s first major transaction in the MENA market and is part of its broader strategy toward global expansion.
With a network of innovative kitchens in prime locations and over 800 employees, iKcon utilizes its modern facilities, smart technology solutions and highly qualified chefs and customer service teams to extend the reach of their portfolio of +100 well-known local, regional and international restaurant partners such as Just Salad, YO Sushi, Dunkin’, California Pizza Kitchen, German Doner Kebab and local hero brands such as PINZA, and Pizza Di Rocco.
iKcon closed its Series A back in March of this year, when it announced a $20 million fundraise, which at the time brought its total funding to date to $32 million. The new deal by REEF has not disclosed any financials.
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 neighbourhoods across the globe.
REEF has already established a presence in Abu Dhabi Global Market (ADGM), the international financial centre of Abu Dhabi, with plans to continue growing throughout the region.
