Dubai, UAE—August 14, 2024—MealPlanet, a UAE-based meal plan startup, has successfully raised $6 million in a seed funding round, attracting significant investment from leading regional venture capital firms, including Middle East Venture Partners (MEVP), AlTouq Group, Sanabil 500, Faith Capital, and Alturki Ventures. Esteemed entrepreneurs Marc Lore and Samih Toukan also participated in the round, underscoring the growing interest in the meal planning industry.
Founded in early 2024 by serial entrepreneur Khalid Baareh, MealPlanet is positioned as a disruptive force in the food technology (foodtech) sector. The startup unites a diverse range of meal plan brands under one platform, enabling customers to easily discover, subscribe to, and manage their meal plans.
“MealPlanet was established to address the industry’s gap in technology solutions and meet the rapidly growing demand for meal plans,” said Khalid Baareh, Founder and CEO of MealPlanet, in an interview with Forbes Middle East. “The funds will fuel our expansion plans and the continuous development of our proprietary technology stack, utilizing intelligence to enhance and customize the consumer experience.”
MealPlanet has quickly gained traction, partnering with over 100 prominent brands, including Prep & Co, Basiligo, PrepHero, The Lean Co., Aleen’s, Pura, Health Road, Nutrition Kitchen, Healthy Little Secrets, Freshii, and Embody Fitness. The company is currently operational in the UAE and is set to embark on regional expansion, beginning with Saudi Arabia in the first quarter of 2025.
The startup generates revenue by charging providers a commission fee based on their monthly sales through the platform. This innovative approach has attracted investor attention, particularly as the meal planning market in the Middle East and North Africa (MENA) region remains relatively untapped.
“We see a huge opportunity in the growing meal planning market, fueled by the rising demand for healthy and convenient eating options,” commented Walid Mansour, co-founder and co-CEO of MEVP.
Baareh noted that the regional market dynamics are particularly favorable, with the meal plans sector estimated to grow at an impressive 35% compound annual growth rate (CAGR). Despite this rapid growth, the industry remains in the early stages of adoption compared to the overall food and beverage (F&B) market.
“There is a strong and growing trend towards healthy eating and fitness in the GCC, driven by rising rates of obesity and chronic diseases,” added Baareh. “This has fueled real demand for convenient, yet healthy and nutritious meal options.”
According to Statista, the global meal delivery market is projected to reach $424.5 billion in revenue in 2024, with a CAGR of 3.6% between 2024 and 2029. By 2029, the market volume is expected to reach $507 billion, with the number of users in the meal delivery market anticipated to reach 2.5 billion.
With its strategic partnerships and innovative approach, MealPlanet is poised to lead the transformation of the meal planning industry in the MENA region, meeting the evolving needs of health-conscious consumers.
