Kitopi, a tech startup dually headquartered in New York and Dubai and manages cloud kitchen platform with partners and restaurants to expand their delivery reach, has raised $60m in new funding.
The Series B funding 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.
Kitopi, which currently operates 30 kitchens across the US, UAE, Saudi Arabia, UK and Kuwait and has partnerships with more than 100 restaurants including brands such as Operation Falafel, Pizza Express, Right Bite and UNDER500 to name a few, is looking to continue its expansion with 50 more locations in the US and 100 globally this year.
“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 favourite dishes,” said Mohamad Ballout, CEO and Co-founder of Kitopi.
Moreover, he said that none of this would be possible without the efforts of its team and ‘Kitopians’ (employees), responsible for putting Kitopi on the global map today.
Also, he said that Kitopi will continue to develop its in-house suite of applications to further maximise its kitchen efficiency, increase utilisation and reduce operational expenses.
Kitopi’s mission is to power the food economy by revolutionising the way people can access food.
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“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,” said Chris Rogers, Partner at Lumia Capital.
“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,” he said.