Kitopi To Expand Its Cloud Kitchen Services After Raising $60m In Series B Funding ^HOT^
DOWNLOAD ->>> https://blltly.com/2tvVo9
Kitopi To Expand Its Cloud Kitchen Services After Raising $60m In Series B Funding ^HOT^
Kitopi to expand its cloud kitchen services after raising $60m in Series B funding
Kitopi, a leading global cloud kitchen platform, has announced that it has raised $60 million in a Series B funding round led by Knollwood and Lumia Capital. The round also saw participation from existing investors BECO, CE-Ventures, GIC, and Rise Capital.
Kitopi operates more than 60 cloud kitchens across the US, UK, UAE, Saudi Arabia, and Kuwait. It partners with over 200 food brands, including Pizza Hut, KFC, Subway, and Shake Shack, to prepare and deliver their orders to customers through online platforms. Kitopi also offers its own brands of cuisines, such as Wingo, Krave, and Farsi.
With the new funding, Kitopi plans to expand its presence to more than 100 locations by the end of 2023. It also aims to launch new products and services, such as grocery delivery and subscription-based meals. Additionally, Kitopi will invest in its technology and talent to enhance its operational efficiency and customer experience.
"We are excited to partner with Knollwood and Lumia Capital, who share our vision of creating a more accessible food ecosystem. This investment will enable us to scale our operations, launch new verticals, and improve our capabilities," said Mohamad Ballout, co-founder and CEO of Kitopi.
"Kitopi is a pioneer and leader in the cloud kitchen space, with a proven track record of delivering value to both food brands and consumers. We are impressed by their strong growth, operational excellence, and innovation. We look forward to supporting them as they continue to disrupt the food industry," said Chris Rogers, partner at Lumia Capital.
Cloud kitchens are a fast-growing segment of the food delivery market, as they offer lower costs, higher flexibility, and faster scalability than traditional restaurants. According to a report by Euromonitor, the global cloud kitchen industry is expected to reach $71.4 billion by 2027, growing at a compound annual growth rate of 12%.
Kitopi stands out from other cloud kitchen players with its end-to-end solution that covers everything from kitchen infrastructure, menu development, food preparation, delivery management, and data analytics. Kitopi also leverages its proprietary technology platform, Smart Kitchen Operating System (SKOS), to optimize its operations and ensure quality and consistency across its network.
"We believe that Kitopi has a unique value proposition that addresses the pain points of both food brands and consumers in the cloud kitchen space. Kitopi's technology-driven approach enables them to offer a superior service that is faster, cheaper, and more convenient than the alternatives. We are thrilled to join them on their journey to become the world's leading cloud kitchen platform," said Daniel Marriott, partner at Knollwood.
Kitopi was founded in 2018 by Mohamad Ballout, Saman Darkan, Bader Ataya, and Andres Arenas. The company's mission is to power the food economy by revolutionizing the way people access food. Kitopi currently employs over 1,200 people across its markets and serves over 5 million orders per month.
Kitopi's Series B funding comes amid a surge in demand for food delivery amid the COVID-19 pandemic. According to a report by Statista, the global online food delivery market is expected to grow by 9.9% annually and reach $192.16 billion by 2024.
"The pandemic has accelerated the adoption of food delivery as a convenient and safe option for consumers. We have seen a significant increase in our orders and revenues in the past year, as well as a growing interest from new and existing food brands to join our platform. We are confident that we have the right model, team, and partners to capture this opportunity and create a lasting impact in the food industry," said Ballout. aa16f39245