Monday April 22nd, 2024
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UAE’s ‘The Cloud’ Raises $12 Million in Funding & Acquires UK's KBOX

This latest round of funding brings their total to $22 million since being founded in 2019.

Patrick Davies

UAE’s ‘The Cloud’ Raises $12 Million in Funding & Acquires UK's KBOX

UAE-based cloud kitchen and foodtech startup, The Cloud, has raised $12 million in funding from MENA Moonshots as part of a $30 million Series B investment round. The Cloud previously raised $10 in funding in September 2022, bringing the total to $22 million. As part of its plans to expand into Lithuania, Belgium, the Netherlands and the UK, The Cloud has also purchased the UK-based food tech company KBOX.

Founded in 2019, the B2B2C startup enables restaurant owners to boost the utilisation of their kitchens by housing outside food delivery companies. This latest round of funding will provide The Cloud with capital, but also improved access to network and industry expertise in the food tech sector.

“Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape,” Georges Karam, Founder and CEO of The Cloud, tells StartupScene. “Having raised a total of $22 million, we are now focused on enhancing our market presence in the UAE and beyond.”

The online food delivery sector is a mega trend across the globe, and it is here to stay. With ever-increasing demand, increasing food industry collaboration, and the integration of artificial technology, the growth rate of this sector is forecast at nearly 20% between now and 2028. The value of the UAE’s food market is already expected to exceed $400 million this year.

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