Dubai-based leading managed cloud kitchen platform Kitopi has raised $415 million in a Series C funding round led by Softbank Vision Fund 2.
According to the cloud kitchen, the other investors who participated included Abu Dhabi investment firm Chimera, Abu Dhabi state holding firm ADQ’s venture capital platform DisruptAD, B.Riley, Turkey’s Dogus Group, U.S. firm Next Play Capital and UK firm Nordstar.
Kitopi will use the latest funds to expand its business in the Middle East and support entry to new markets such as Southeast Asia, which has a highly attractive and fast growing online food delivery market.
Furthermore, the company will continue to innovate and extend its technology stack, expand its key restaurant partnerships, and develop a world-class staff across the organization. This round marks SoftBank Vision Fund 2’s first investment in a UAE-headquartered company. Last month, the Japanese company discussed the possibilities of investment with the Kitopi.
“These past 3 and a half years have taught us the importance of pursuing our vision with grit, focus, and building a high-performance culture. We are humbled to work with world-class partners such as Softbank, Chimera, DisruptAD, and others. What this shows is not only a great commitment to our company but the industry and the region. Our focus now is to expand our presence within the Middle East and to Southeast Asia while continuing to innovate and pioneer in the cloud kitchen space. We are excited to take what we do to other parts of the world.”
“Constraints placed on the hospitality sector by the global pandemic have rapidly catalyzed the value proposition of cloud kitchens for customers and restaurant brands. We believe Kitopi’s proprietary technology is changing the unit economics of food delivery in providing more choices to more customers, in more places. Moreover, we are delighted to welcome Kitopi as SoftBank’s first UAE-headquartered investment and are excited by the company’s growth prospects in the region and beyond,” commented Mr. Faisal Rehman, Managing Partner for SoftBank Investment Advisers.
Founded in 2018, Kitopi is the world’s leading state-of-the-art, managed cloud kitchen platform. It operates more than 60 cloud kitchens across the UAE, KSA, Kuwait, and Bahrain. The cloud kitchen platform has also diversified its offerings by using its supply chain to include subscription-based meal plans and on-demand groceries delivery.
Related: Cloud kitchen platform Kitopi looks to raise $200mn for Asia expansion: Sources