UAE's The Cloud raises $12M in Series B funding, acquires UK's KBOX
The capital will accelerate growth, with a significant portion allocated for international expansion, operational enhancement, and further development of its proprietary technology platform, The Cloud said.
The Cloud, a UAE-based cloud kitchen, has secured $12 million from MENA Moonshots as part of its $30 million Series B fundraising round, which included debt financing from Aluna Partners.
The capital will accelerate growth, with a significant portion allocated for international expansion, operational enhancement, and further development of The Cloud's proprietary technology platform, the company said in a statement.
It also acquired KBOX, a UK foodtech company, with debt financing to enter the virtual dining landscape in the UAE and Europe. This added 200 sites to its UK footprint, as well as Lithuania, Belgium, and the Netherlands.
“Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape. 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," said Georges Karam, CEO of The Cloud.
"Looking forward, we continue to actively eye more strategic acquisitions while also seeking to raise further capital,” he added.
, a B2B2C foodtech startup founded by Karam in 2019, enables restaurant owners to enhance kitchen utilisation by utilising outside food delivery companies.
It plans to expand its presence to 8,000 locations by 2027. It is operational in 91 cities and seven countries, and is on track for dual listing in Abu Dhabi and Riyadh.
“The online food delivery market is a megatrend 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,” said Stefano Sciacca, Managing Director at Aluna Partners.
In September 2022, The Cloud raised a $10 million Series A round, with participation from Middle East Venture Partners, Olayan Financing Company, and Rua Growth Fund, bringing the total investment to $22 million.
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Edited by Kanishk Singh