Introduction:
Blink Co. Technologies, considers itself a leader in quick commerce. The company helps supermarkets, restaurants, and other such stores across the world to grow and expand by providing SaaS (software-as-a-service) technology. The startup found out that the delivery fees being charged by the service providers were too high and didn’t leave enough space for sustainable growth in its relevant industry. Therefore, leading it to develop software that helps simplify the process of receiving orders and managing deliveries more efficiently through features such as monitoring real-time data regarding branches, products, sales, and customers helping restaurants break free from food delivery aggregators. Furthermore, it also allows customers to view the schedule of their respective orders and deliveries.
History of Blink Co. Technologies:
Blink itself had initiated a startup, Eat Mubarak, a delivery aggregator business back in 2018. Despite expanding fast and hitting 150,000 monthly transactions, 3000+ restaurants, and 500 riders, their main struggle was against the delivery aggregator model. Figuring out the gap in the industry, the founders worked towards creating a new business model.
The current and successful startup processed 4.5 million orders last year, generated over $0.5 million in revenue, and has helped 1,200+ restaurants across MENAP. Initially started its operations in Pakistan but has since penetrated markets of seven other countries. The companies it integrated with include Bykea (a ride service in Pakistan), Facebook, Instagram, Accounting and Corporate Regulatory Authority (ACRA) in Singapore, IHOP in Kuwait, Bahrain, and Qatar, and many more businesses in Middle Eastern Countries.
In recent events, the business has sealed a deal to receive an investment amount of $21 million as seed funding. The term “seed funding” is described as the first investment made in a startup company to help it grow and expand. The fund is provided in exchange for equity and depends on the valuation of the new business. This form of funding typically comes from Venture Capitalists, Wealthy individuals, Crowdfunders, Angel investors as well as friends and family.
The specifics of Blink Co. Technologies’ operation remains undisclosed however, the recent seed funding shows the immense potential and opportunities the company has to propel itself to success. The $21 million will help equip the firm with the necessary resources to expedite its development. The contributing parties of this investment include 500 Global and Global Founders Capital and Blink’s existing partner, Orbit Startups/SOSV.
This investment shows the confidence that investors have in Blink’s potential. The covert investors recognize the value and prospects of a bright future that the company’s revolutionary solutions promise. The funding will enable Blink Co. Technologies to implement its plans to work on developing its products and services while also establishing and strengthening its market presence.
Saudi Arabia has a booming startup ecosystem which acts as a source of attraction for both national and international investors. The government has spearheaded this change by taking relevant initiatives and introducing policies that support the creation of an encouraging environment that attracts entrepreneurs and investors alike. As Blink is headquartered in Saudi, its location acts as a guaranteed success. However, the relationship is not only one way, while benefiting from the country’s growing technological atmosphere, the establishment of Blink’s headquarters in the country is helping solidify its position in becoming a hub for entrepreneurship and IT development.
With this $21 million investment, Blink Co. Technology is set to embark on its journey of expansion. The funds are expected to be targeted toward, recruiting new talent, fueling research and development, and market research. All this will enable the startup to carve a niche for itself in the competitive and cut-throat market. According to a LinkedIn post made by the company, they are set to revolutionize the restaurant industry in the MENAP region.
“Our meaningful work has allowed restaurant brands to win back up to 40% of their aggregator orders through their direct ordering channel, increasing their profitability by 30%,” says Syed Sair Ali, Co-founder and CEO of Blink.
Conclusion:
Blink Co. Technologies’ innovative ideas have helped food chains reclaim a significant sum of their revenue and have helped boost its profitability by over 30%. The General Partner at 500 Global has expressed excitement about Blink’s achievements and upcoming endeavors in Saudi Arabia while emphasizing the startup’s strong business presence in Riyadh.
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