Dubai-based cloud kitchen platform Kitopi has raised $60 million in a Series B round led by Knolllwood Investment Advisory and Lumia capital, the firm announced on Monday.
The firm provides restaurants with access to kitchens and staff, operating ‘ghost kitchens’ that cater to the entire length of the customer ‘journey’, from the call centres and requests via third-party apps to delivery. It currently operates 30 kitchens across the US, UAE, KSA, UK and Kuwait.
The series B round – which is designed to fund growth – follows an earlier round tat raised $27.2 million in 2018.
The latest round also saw that participation of a number of new and existing international investors, including BECO, CE-Ventures, GIC, Rise Capital, Reshape, Global Ventures and Wilshire Lane Partners.
With the new round of funding, Kitopi plans to expand to 50 more locations in the US and 100 around the world by 2020. It is currently partnered with over 100 restaurants, including Operation Falafel, Pizza Express and Under500.
According to Kitopi, Under500 has been able to “double its revenue year-on-year and scale internationally” using the service.
“This is an exciting space and we are humbled to work with world class investors who share a unified vision on how we can team up with restaurants to revolutionise the food industry,” said Kitopi CEO and co-founder Mohamad Ballout. “This investment is a big win for our restaurant partners.”
‘Cloud kitchens’ are becoming increasingly popular with investors, with a similar firm launched by ex-Uber boss Travis Kalanick reportedly attracting money from Saudi Arabia’s Public Investment Fund.
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