Wealth Fund Mubadala Backs Dubai-Based Dining Payments Platform - Bloomberg
A Dubai-based restaurant payments platform has raised $30 million from investors including wealth fund Mubadala Investment Co., as it looks to accelerate its global expansion.
Qlub secured the funding in a round co-led by investment firm Shorooq and Berlin-based Cherry Ventures, the company said in a statement. Other participants included United Arab Emirates’ telecom group e& and China-based Legend Capital.
The startup did not disclose its valuation. It has now raised $72 million to date, including $42 million from earlier rounds.
Founded in 2021 by Eyad Alkassar and Mahmoud Fouz, Qlub offers contactless payment solutions that allow restaurant diners to browse menus, place orders and pay directly from their smartphones.
It operates across the Middle East — including the UAE, Saudi Arabia, Qatar and Kuwait — and has expanded globally to markets such as Singapore, Hong Kong and Brazil. Qlub processes a few billion dollars in transactions annually, according to the company. Clients include international hospitality brands such as Paul Cafe, Wagamama, Sushi Samba and La Petite Maison.
Qlub said it will use the fresh capital to enter new markets, strengthen its presence in existing ones and enhance its platform with advanced analytics.
The round comes as startups in the Middle East nearly doubled their fundraising in the first half of the year, defying a broader slowdown in emerging markets. Companies in the region secured about $1.35 billion in venture capital funding from January through June, led by Saudi Arabia and the UAE, according to data platform Magnitt.
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