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July 2, 2021

UAE’s cloud kitchen platform Kitopi secures $415m in funding round

The capital will be used to expand Kitopi’s footprint in the Middle East and support its entry into the Southeast Asian markets.

Dubai-based cloud kitchen platform Kitopi has secured $415m in a Series C funding round to support its expansion plan.

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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.

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.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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