UAE-based foodtech startup Peekabox has closed an oversubscribed $1.5 million seed funding round to scale its marketplace for surplus food. The company launches with a significant network of over 1,000 stores and plans to use the capital for expansion across the Emirates before entering Saudi Arabia and other Gulf markets.
Quick Facts
- Funding: $1.5M oversubscribed seed round
- Mission: Reduce food waste and living costs
- Launch Network: 1,000+ stores across 40+ brands
- Next Market: Kingdom of Saudi Arabia
A Model for Monetizing Surplus Inventory
Peekabox operates a mobile app that connects consumers with restaurants, bakeries, and grocery stores selling unsold food at discounts between 50% and 70%. Users purchase a “surprise box” through the app and collect it from the store during a specified time window, with the contents varying based on the day’s surplus.
The model is designed to tackle two of the region’s major economic pressures: food waste and the rising cost of living. According to the company, the UAE discards over $3.5 billion worth of food annually, with 38% of prepared food being thrown away.
Hasan Sarwar, CEO and Co-Founder of Peekabox, stated, “We’re solving two problems at once. Consumers get access to brands they already love at meaningful discounts, every single day. Partners turn surplus stock into incremental revenue instead of waste. Everyone wins, including the planet.”
Launching with a Heavyweight Partner Network
Peekabox enters the market with a substantial commercial footprint already established. It has secured partnerships with more than 40 leading food and retail brands, including Carrefour, Costa Coffee, Tim Hortons, Dunkin’, Eataly, Union Coop, and Pret A Manger.
The platform is also supported by major franchise operators such as Majid Al Futtaim, Apparel Group, Azadea, and Americana. The startup’s strategy was to build its supply-side network first to ensure a strong foundation before driving consumer adoption.
“The UAE is the perfect launchpad,” said Omair Sarwar, COO and Co-Founder. “High concentration of F&B outlets, large daily volumes of fresh food, and a digitally native consumer base. We’ve built the supply side first, and now we’re ready to scale.”
Backed by Regional Business Leaders
The funding round was supported by a network of regional operators, investors, and advisors. The company’s board is chaired by Dr. Sameer Al Ansari, former Chairman and CEO of Dubai International Capital and a DIFC Authority Board member.
“We are launching Peekabox in Dubai to address two fundamental problems, very high food wastage and the increasingly expensive cost of living,” commented Dr. Al Ansari. “If we can play a small part in addressing both of these issues then we have achieved success.”
Setting Sights on Saudi Arabia and the GCC
The new capital will be used to fund go-to-market operations in the UAE, including marketing and team expansion. Following a deeper rollout across the Emirates, Peekabox plans to expand into the wider GCC.
Saudi Arabia is the next priority market. The company sees a major opportunity in the Kingdom, which has an addressable surplus food volume of 4.1 million tonnes and over 137,000 food service establishments.
About Peekabox
Founded by brothers Hasan and Omair Sarwar, Peekabox is a UAE-based marketplace that enables food and beverage retailers and grocers to sell surplus fresh food. Through its mobile app, consumers can purchase “surprise boxes” at 50-70% discounts, helping businesses generate revenue from unsold inventory while offering affordable options to customers.
Source: Arab Founders
