Cloud Kitchen KITOPI Raised $415 Million In Series C | MENA startups, innovation, and tech news

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Cloud  Kitchen  KITOPI  Raised  $415  Million In  Series C
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Cloud Kitchen KITOPI Raised $415 Million In Series C

In UAE, Saudi Arabia, Kuwait, and Bahrain, Kitopi has over 60 kitchens.

The additional funds will be used to assist the company’s continuing development in the Middle East as well as its foray into other areas such as Southeast Asia.

This is Softbank’s first investment in a firm based in UAE.

KITOPI
Kitopi, the world’s premier managed cloud kitchen platform, announced that its $415 million Series C investment round has been completed.

Softbank Vision Fund 2 led the investment, which included Chimera, DisruptAD, B. Riley, Dogus Group, Next Play Capital, and Nordstar.

Kitopi will use the additional funds to expand its business in the Middle East and to help it enter new areas such as Southeast Asia, which has a thriving and rapidly developing online food delivery sector. Kitopi will also continue to innovate and extend its technology stack, increase its key restaurant relationships, and develop a world-class workforce across the board.

This is SoftBank Vision Fund 2’s first investment in a company based in the United Arab Emirates. Kitopi was launched in January 2018 by Mohamad Ballout (CEO), Saman Darkan (Chief Technology Officer), Bader Ataya (Chief Growth Officer), and Andy Arenas (Chief Property Officer) with a purpose to satisfy the world’s desire. Kitopi’s headquarter is in Dubai, UAE, and employs are approximately 2500 Kitopians (colleagues) throughout its four markets, including its engineering base in Krakow, Poland, and its global CX centre in Dubai.

Kitopi manages the whole business, including the supply chain, employee training, meal preparation, delivery, and customer service. It has over 200 food and beverage partners, including well-known names like Papa John’s, Nathan’s Famous, and iHOP. By leveraging its supply chain, the cloud kitchen platform has expanded its products to include subscription-based meal plans and on-demand grocery delivery. Its unique Smart Kitchen Operating System (“SKOS”) is a significant element of its competitive edge. SKOS is a set of apps that helps the company’s cloud kitchen operations run more efficiently in real-time.

By improving operational efficiency, the solution focuses on providing a fantastic client experience across different brands in a single kitchen. In only three years since its start, SKOS has helped Kitopi grow to 200+ businesses in 60+ locations.

A WORD FROM THE INVESTORS
“Constraints put on the hospitality sector by the worldwide pandemic have quickly accelerated the value proposition of cloud kitchens for customers and restaurant brands,” said Faisal Rehman, Managing Partner of SoftBank Investment Advisers. Kitopi’s patented technology, we think, is altering the unit economics of food delivery by giving customers more options in more areas. We’re also thrilled to welcome Kitopi as SoftBank’s first investment in the UAE, and we’re optimistic about the company’s development possibilities in the area and beyond.”

“Mohamad has recruited one of the best quality leadership teams from the start and continues to grow the depth of skill across the organisation,” says Dany Farha of Beco Capital. This, along with the fact that Kitopi was one of the first companies in the world to develop in the cloud kitchen sector, makes for an exceptionally interesting venture result to emerge from Dubai – we are honoured to collaborate with Kitopi.”

Crescent Enterprises’ Deputy CEO and Head of Investments, Tushar Singhvi, said: “We are pleased to have been a part of Kitopi’s phenomenal growth path since its start.” The firm is built on a foundation of ground-breaking innovation, harnessing the power of technology to generate tremendous value for its ecosystem partners. CE-Ventures, a long-time partner, continues to back the company’s ambitious worldwide development goals. It’s only the beginning! Becoming the region’s fastest unicorn is just the beginning!”

FROM CEO
“The last three and a half years have taught us the value of following our goal with a tenacity, concentration, and establishing a high-performance culture,” said Mohamad Ballout, Kitopi’s CEO and Cofounder. “It’s an honour to collaborate with world-class companies like Softbank, Chimera, DisruptAD, and others. This demonstrates a strong dedication not just to our firm, but also to the industry and the area. Our current focus is on growing our footprint in the Middle East and Southeast Asia, as well as continuing to develop and pioneer in the cloud kitchen sector. We’re eager to share what we’ve learned with the rest of the world.”

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