The weekend is here, and with it comes some additional food tech news you should know about. Let’s dive right in, shall we?
Are meal kits making a comeback?
Meal kits, which have been struggling over the past couple of years , could be making a comeback. Grocery Dive covered a new study from Grand View Research that predicts that the meal kit delivery service market could hit $20 billion by 2027 (representing a 13 percent compound annual growth rate). What’s spurring this meal kit comeback? Like so many things right now, the COVID-19 pandemic. It’s forced people into avoiding the grocery store and starting new food shopping habits.
Jahez raises $36.5M Series A
Saudi Arabian food delivery startup Jahez announced earlier this week that it has raised a $36.5 million Series A round of funding. The round was led by Saudi VC Impact46. According to MenaBytes, it’s the largest deal ever for a Saudi startup. Jahez operates in 20 cities around Saudi Arabia and says it serves 3 million users. The company has plans to expand into cloud kitchens and groceries as well.
What will restaurants look like going forward?
Bloomberg has a big story package speculating on what the future holds for restaurants. Some key numbers from the story that illustrate why the topic is so important: there are 15.6 million restaurant employees in the U.S., the restaurant industry was worth $863 billion in the U.S. in 2019, and 25 percent of restaurants may not re-open because of the pandemic. There are tons of stories in the feature from the past couple of months worth your read.