The Cloud, a cloud kitchen based in the UAE and part of Abu Dhabi’s Hub71, has raised $12 million from MENA Moonshots as part of its Series B fundraising round totalling $30 million. This round also includes debt financing from Aluna Partners. The company plans to utilise the capital to expedite its growth trajectory, with a significant portion earmarked for international expansion, operational enhancements, and further development of its proprietary technology platform, according to a statement released by the company.
Strategic acquisition of KBOX
In addition to securing funding, the food tech startup has made a strategic acquisition by purchasing KBOX, a UK-based foodtech company, with debt financing to penetrate the virtual dining landscape in the UAE and Europe. This acquisition has expanded The Cloud’s presence by adding 200 sites in the UK, as well as locations in Lithuania, Belgium, and the Netherlands.
Georges Karam, CEO of The Cloud, stated, “Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape. We are now focused on enhancing our market presence in the UAE and beyond. Our in-house developed technology and proactive acquisition strategy reflect our vision for industry consolidation and our commitment to scaling strong homegrown brands internationally.”
Looking ahead, Karam mentioned the company’s plans for further strategic acquisitions and capital raising initiatives.
Founded by Karam in 2019, The Cloud is a B2B2C foodtech startup that empowers restaurant owners to optimize kitchen utilization by partnering with external food delivery companies. The company aims to expand its presence to 8,000 locations by 2027, building on its current operational footprint spanning 91 cities and seven countries. Additionally, The Cloud is on track for a dual listing in Abu Dhabi and Riyadh.
Stefano Sciacca, Managing Director at Aluna Partners, shared his optimism about The Cloud’s potential in the online food delivery market, particularly in the UK, following the acquisition of KBOX. He stated, “The online food delivery market is a megatrend that is here to stay. We believe that The Cloud will gain a significant market share in the UK market through the acquisition of KBOX. Having looked at many food tech business models, we believe The Cloud is emerging as a global market leader and are excited to support such a fast-growing venture.”
Further, in September 2022, The Cloud raised a $10 million Series A round, with participation from Middle East Venture Partners, Olayan Financing Company, and Rua Growth Fund, bringing the total investment to $22 million.
