Egypt - Fork N Knife, a tech-enabled cloud kitchen company, has announced that it has raised $800,000 in seed funding from a group of angel investors and institutions outside the Middle East. The funding will enable the company to continue its mission of advancing the food tech sector with its innovative “Cooking As A Service” (CAAS) model, which allows restaurant and food concept developers to scale their businesses without any upfront investment. The company also aims to expand its presence to the European and African markets by the end of 2023.
Fork N Knife currently operates in three branches in Turkey, where it has witnessed rapid growth and tapped into the potential and opportunities of the food industry in the region. The company offers a unique model that differs from the traditional fixed-fee structures of cloud kitchens, seeking dynamic partnerships with food innovators. It enables developers to launch their brands on all major food aggregators within 15 days and eliminates their fixed costs, increasing their profitability.
Yasser Nasr-Aldin, Co-founder and CEO of Fork N Knife, said: “Having been in the cloud kitchen industry for 8 years, I saw the need for a new model that solves the real challenges faced by restaurant owners. We decided to challenge the conventions by offering our CAAS model, which completely removes the fixed costs that eat up the profits of restaurant owners. We also leverage technology to enhance the food production process and support our partners to excel in the growing food market.”
Nasr-Aldin added: “The success of this seed funding round reflects the confidence of the investors in Fork N Knife and the huge potential we have to transform the food industry in the region. We have also started negotiations for our Series A funding round, which shows the strong interest and trust in our innovative approach to cloud kitchens.”
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