Kitopi raises $60 million to close Series B
Kitopi raises $60 million to close Series B
UAE-based cloud kitchen platform Kitopi, has raised $60 million, closing its Series B round of funding. The round was led by Knollwood and Lumia Capital with further participation from new and existing global investors, namely BECO, CE-Ventures, GIC, Rise Capital, Reshape, Global Ventures and Wilshire Lane Partners.
Founded in January 2018, Kitopi partners with restaurants to expand their delivery reach by offering its platform of kitchens, trained chefs and an in-house suite of applications (collectively known as a smart kitchen operating system – “SKOS”) to fulfil the restaurant’s delivery orders. This allows the restaurant to focus on running their dine-in space, marketing and menu development.
Kitopi currently operates 30 kitchens across the US, UAE, KSA, UK and Kuwait, and will look to continue its expansion into both new and existing markets with 50 more locations in the US and 100 globally in 2020. Kitopi is currently partnered with more than 100 restaurants including Operation Falafel, Pizza Express and UNDER500. The company now has 1200 employees.
“This is an exciting space and we are humbled to work with world class investors who share a unified vision on how we can team up with restaurants to revolutionise the food industry. This investment is a big win for our restaurant partners, as well as the hundreds of thousands of customers who can continue to access their favorite dishes,” said Mohamad Ballout, chief executive officer (CEO) and co-founder of Kitopi.
Chris Rogers, partner at US-based Lumia Capital said: “Kitopi has demonstrated its ability to differentiate itself from others in an increasingly crowded space, by collaborating closely with restaurants to achieve one common objective. It has shown success in building an innovative product that is capable of constantly adapting itself to suit customer needs while also being scalable. I think if you’re a restaurant looking to scale, or if you’re a brand thinking of opening a new restaurant, this is the best way to succeed (and fast). We’re excited to see how Kitopi continues to reinvent the food tech space.”
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