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The Cloud, a virtual kitchen startup Hub71 in Abu Dhabihas secured $10 million in Series A funding to expand operations in GCC and Europe.
This invest The Cloud said Wednesday that the round was led by Dubai-based Middle East Ventures (MEVP), Riyadh-based Olayan Financing Company, with participation from Saudi Arabia’s Rua Growth Fund.
The company, which recently opened its regional headquarters in Saudi Arabia, plans to expand into Kuwait next to expand its footprint in the GCC, with France and Italy as its next target markets in Europe, said George, co-founder and CEO of The Cloud. Karam, tell National.
The company currently operates in the UAE, Belgium, Lithuania, the Netherlands, Romania, the US and the UK.
“We will use this funding to expand into Saudi Arabia, have a greater impact on restaurateurs and further strengthen our talent and infrastructure,” Mr Kalam said.
“Growing the brand on a regional and global scale” will “generate strong returns for our investors,” he added.
Cloud kitchens or virtual kitchens — also known as ghost kitchens or dark kitchens — are commercial spaces built specifically for takeaway food preparation, where multiple brands can operate from a centralized location.
Food companies take orders through a mobile app, which are then delivered by companies like Zomato, Deliveroo, Talabat, and Careem.
Kitchens have benefited greatly from a shift to online services during the coronavirus crisis, forcing people to rely more on apps and delivery services to deliver food. This trend continues and is expected to grow further as consumers enjoy its convenience, variety and discounts on offer.
According to Allied Market Research, the global cloud kitchen market is expected to grow from $29.4 billion in 2020 to $112.7 billion by 2030, a compound annual growth rate of about 13%.
Cloud’s latest funding follows investments in 2019 and 2020, with a second round also led by MEVP, which will also help the startup scale and accelerate the development of its AI-powered kitchen matching platform.
It also shows the continued growth of Middle Eastern startups contributing to the economy through their platforms, helping users to conduct hassle-free activities and transactions.
Turki Aljoaib, managing partner of Rua Growth Fund, said the company’s expansion is “the region’s growing ability to nurture talented entrepreneurs and enable them to build innovative technology solutions that are scalable and competitive on the global stage. yet another example”.
Hub71 is Abu Dhabi’s global tech ecosystem with more than 170 startups today, with seed, seed and Series A startups raising over $67 million in total.
Last month, it welcomed a new batch of Startup company Ability to utilize additional resources to expand their business.
The UAE capital is also accelerating its push into the cloud kitchen sector. Earlier this year, US-based tech startup Reef, backed by Abu Dhabi Mubadala Capital, partnered with the Middle East’s largest food and beverage operator, Americana Group, Open cloud kitchens in the area.
Meanwhile, Dubai is Kittopi’s homea cloud kitchen startup that started four years ago and is now said to be $1 billion worth.
Updated: September 14, 2022 10:55 am
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