UAE-based cloud kitchen start-up, The Cloud, has secured $10 million in a new funding round led by a consortium of venture investors.
The Cloud is a B2B2C kitchen platform where food businesses can leverage their excess capacity by hosting third party restaurants.
The investment, led by Middle East Venture Partners (MEVP) and Olayan Financing Company, the Middle East investment arm of The Olayan Group, will support the company's plans to scale to international markets, including the GCC and Europe.
The company works with entrepreneurs, including restaurants and chains that are looking to tap into the virtual food market.
The Series A funding follows an initial pre-seed round at the end of 2019 and a subsequent round at the end of 2020.
The company already has presence in markets outside the UAE, including Saudi Arabia and Europe.
"We will utilise this funding to expand into KSA, make an even bigger impact on restaurant owners and further bolster our talent and infrastructure," said George Karam, Co-Founder & CEO, The Cloud.
Headquartered in Abu Dhabi, the start-up is part of the UAE capital's Hub71. It uses AI-powered technology to connect businesses with customers and hosts third-party food delivery brands for restaurants.
It promises to help entrepreneurs boost revenues, assist those who are looking to launch a food delivery business or expand geographically.
(Writing by Cleofe Maceda; editing by Seban Scaria)