The Cloud, an Al Zahiyah, Abu Dhabi, UAE-based food tech startup, raised $12M in Series B funding.
The round, which brought the total amount to $30M, saw participation from new investor MENA Moonshots.
The company intends to use the funds to accelerate growth, international expansion, enhance operational capabilities, and further develop its proprietary technology platform.
Led by Georges Karam, Founder and Chairman, The Cloud provides dining experience and solutions for restaurant owners. The Hub71 startup also acquired KBOX to expand its global footprint by 200 locations in the UK. This move underlines the company’s commitment to driving innovation and asserting leadership in the food tech sector, setting the stage for rapid expansion across the UK and other strategic European markets such as Lithuania, Belgium, and Netherlands.
The company has a presence in 7 countries and 91 cities, and plans to reach 8,000 locations by the end of 2027. It is on track for a dual listing in Abu Dhabi and Riyadh.
Commenting on the news, Georges Karam said: “Our Series B funding and the acquisition of KBOX cement our role as disruptors in the global food tech sector. With a cumulative $22 million raised to date, we’re not only eyeing new markets but are set on increasing our market share in existing territories. Our in-house developed technology and strategy for further acquisitions underscore our belief in the industry’s consolidation and our commitment to scaling strong homegrown brands internationally. Looking forward, we continue to actively eye more strategic acquisitions while also seeking to raise further capital.”
FinSMEs
19/02/2024