Food tech startup Burger Index raises $1.3m seed funding to expand into GCC

Burger Index, a Spanish food tech startup, has announced it has raised $1.3m in seed funding to initiate its expansion in the GCC region.

The funding round was spearheaded by Flat6Labs, MENA region’s seed and early-stage venture capital firm that accelerated the startup through its Ignite program.

F Capital, a regional growth accelerator, and Instashop’s founding partner, Cosmin Manea, also participated in the round.

The company will use the funding to expand its team and data coverage to include digital groceries and supermarkets.

Burger Index, established in Spain in 2022, offers data analytics for the food and beverage industry, allowing restaurants, food brands, cloud kitchens, and distributors to keep track of real-time market updates.

“Without data analytics we wouldn’t be able to do anything anymore. It’s not a luxury, it’s a necessity, you have to have it and if you don’t, you’re going to fall behind your competition,” said Wassim Berro, founder and CEO of Burger Index.

“Our customers already include brands such as McDonald’s, Nestle, Reef Technology, Allo Beirut and Majid Al Futtaim. They use Burger Index to answer key questions like where should I open my next location? What shall I price my smash burger? What are the key take outs from my reviews? What salmon poke promotions are active right now? All industries need these kinds of actionable insights in real time.”

Burger Index is already available in seven countries across Europe and the GCC.

Our #AbuDhabi Seed Program #startup Burger Index raised a $1.3M seed #funding round led by #Flat6Labs to fuel their expansion in the #GCC region💰

It's using #AI and #MachineLearning to help restaurants optimize their menus and improve profitability.https://t.co/zJnqc9STGH

— Flat6Labs (@Flat6Labs) March 14, 2023

“Burger Index finds itself at the intersection of three exploding markets — data analytics, location-based services, and restaurant tech, which is projected to reach $342bn by 2027,” said Ryaan Sharif, general manager at Flat6Labs UAE.

“Our Ignite programme supercharged the company’s expansion outside of Spain, allowing it to set up operations in the GCC and now, with our leadership of its round, the founding team can scale globally.”

Hisham Samawi, CEO at F Capital added: “The F&B industry is highly competitive and moves extremely fast. But collecting data in the F&B industry has always been a very manual process which leads to business decisions on new products, pricing, promotions and locations taking weeks and months to action because the industry is very data dark. Tools like Burger Index help businesses go to market faster and we are proud to support the team at this early stage in their journey.”

“We have an opportunity to leverage all of these data points and generate insights for the F&B sector in seconds.,” Berro noted. “Our AI extracts insights so that businesses can go to market faster.”

Read: Ministry of Economy, Flat6labs launch initiative to attract SMEs to the UAE