Dubai-based cloud kitchen platform Kitopi has secured $415m in a Series C funding round to support its expansion plan.
Led by Softbank Vision Fund 2, other investors involved in the funding round included Chimera, DisruptAD, B Riley, Dogus Group, Next Play Capital and Nordstar.
The capital raised will be used by the company to further expand its footprint within the Middle East, as well as support its entry into the Southeast Asia markets.
Additionally, the funding will help Kitopi to continue its tech stack expansion while growing its strategic restaurant partnerships.
The company will also build a new team across the organisation.
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Kitopi co-founder and CEO Mohamad Ballout said: “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.”
Kitopi has gained a competitive advantage with its smart kitchen operating system, a suite of applications that optimises its cloud kitchen operations performance in real-time.
For SoftBank Vision Fund 2, this is the first investment in a UAE-headquartered company.
SoftBank investment advisers managing partner Faisal Rehman said: “We believe Kitopi’s proprietary technology is changing the unit economics of food delivery in providing more choice 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.”
Kitopi, which was established in January 2018, operates more than 60 cloud kitchens across the UAE, KSA, Kuwait and Bahrain.
It works with more than 200 restaurants and food and beverage partners, including brands such as Papa Johns, Nathan’s Famous and iHOP.