Abu Dhabi-based cloud kitchen startup The Cloud has raised $12 million in an ongoing Series B round, the startup announced last week. The investment came from Dubai-based investment firm MENA Moonshots. It also included debt financing from London-based Aluna Partners. The startup aims to raise a total of $30 million in its Series B.
The latest investment takes The Cloud’s total financing to date to $22 million. It had previously raised $10 million in September 2022 from MEVP, Olayan Financing Company, and Rua Growth Partners.
Founded in 2019 by George Karam and Kamil Rogalinski, The Cloud is, in a way, building an “Airbnb of kitchens” by matching them with food brands to help both scale their businesses.
A restaurant with underutilized kitchen capacity can partner with The Cloud to produce food for one of its partner food brands, to earn additional revenue.
A food brand partners with the foodtech startup to expand its reach and sales by having one of its kitchen partners produce the menu and then The Cloud manage orders and logistics. The proposition can be used by food entrepreneurs looking to start their brands, local restaurants, or even established restaurant chains.
According to a statement and its website, The Cloud is currently live in 91 cities across 7 markets, with more than 1,000 kitchens. The startup plans to reach 8,000 locations by the end of 2027.
With the investment, The Cloud also announced acquisition of Kbox, a UK-based foodtech. The move helped the Abu Dhabi startup grow its presence in the United Kingdom by adding 200 new locations.
Georges Karam, co-founder and the CEO of The Cloud, commenting on the ocassaion, said, “Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape. Having raised a total of $22 million, we are now focused on enhancing our market presence in the UAE and beyond.”
“Our in-house developed technology and proactive acquisition strategy reflect our vision for industry consolidation and our commitment to scaling strong homegrown brands internationally. Looking forward, we continue to actively eye more strategic acquisitions while also seeking to raise further capital,” he added.
Stefano Sciacca, Managing Director at Aluna Partners, said, “The online food delivery market is a mega trend that is here to stay. We believe that The Cloud will gain a significant market share in the UK market through the acquisition of KBOX. Having looked at many food tech business models, we believe The Cloud is emerging as a global market leader and are excited to support such a fast-growing venture.”
The startup plans to use the latest funds for international expansion, enhancing its operational capabilities, and further developing its tech.
