Philippines-based cloud restaurant company CloudEats has secured $7m in a funding round to further expand its presence in the Asian market.
The funding round was led by UK-based venture firm Nordstar.
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Headquartered in Manila, CloudEats currently operates cloud kitchens in the Philippines and Vietnam that offer brands such as Burger Beast, 24/7 Eats and Sulit Chicken, TechNode Global reported.
Nordstar Principal Kimberley Ong was quoted by TechCrunch as saying: “As a global investor in the cloud kitchen space, we are capturing the white space in Southeast Asia’s food delivery market through our investment in CloudEats.
“CloudEats generates the best brand and kitchen-level economics that we have seen in the market, and this is all due to not only the company’s sophisticated technology and operations backbone but also the team’s unique data and partnership-driven approach to brand building.”
The newly-raised funds will be used to further increase the brand’s footprint in other markets, including Malaysia, Thailand and Indonesia by 2023, reported altcoinbeacon.
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By GlobalDataThe funds will also be used to develop CloudEats’ celebrity brands, such as Pia’s Kitchen and Healthy Appetite.
With the latest capital infusion, the cloud restaurant company also intends to increase its kitchen technology, bolster its development team’s capabilities, and hire more talent in brand and marketing.
CloudEats co-founder Kimberly Yao was quoted by TechCrunch as saying: “The massive growth of our Vietnam business over the last two quarters is highly encouraging. We are taking the best practices along with key learnings to our next market launch.”
The company has reportedly raised $14m so far.
Last November, CloudEats raised $5m in funding from a venture capital firm backed by Alibaba, reported TechInAsia.
