GrubTech, a Dubai-based start-up that provides an end-to-end operating system for restaurants and cloud kitchens, raised $13 million in an early stage funding round as it seeks to expand to new markets and build on its technology.
The Series A round was led by Addition, with other investors such as BY Ventures and Hambro Perks Oryx Fund participating, the company said in a statement on Tuesday.
GrubTech, which was founded in 2019 by Mohamed Al Fayed, Omar Rifai, and Mohamed Hamedi, helps digitise the back-end operations of restaurants. The company's technology is integral to cloud kitchens and restaurants that process multiple orders, or those which operate various brands.
“Legacy technology in the F&B space is not built for the modern restaurant. This is resulting in a fragmented set of solutions that a restaurateur or cloud kitchen operator is forced to sift through and stitch up. Not only does this complicate their operation, but it also slows down their ability to expand,” said Mr Al Fayed.
Companies like GrubTech have seen their business pick up as cloud kitchens grow in popularity, especially since Covid-19.
Around 70 per cent of UAE-based restaurant operators are planning to set up cloud kitchens or delivery-only brands, according to a recent report by POSist and Dubai Restaurants Group. More than a third expect around 60 per cent of their revenue to come from food delivery this year.
Cloud kitchens, or ghost kitchens, are commercial establishments that produce food specifically for delivery and do not provide dine-in services or takeaway. The global ghost kitchen market is expected to be valued at $71.4 billion by 2027, up from $43bn in 2019, according to Statista.
Even before the pandemic, which disrupted most dine-in restaurants, cloud kitchen revenue within the UAE and Saudi Arabia grew 160 per cent annually to reach more than $65m in 2019.
Their popularity has also led to millions being invested in them within the Middle East. Cloud kitchen Kitopi crossed a $1 billion valuation after it secured $415m from a group of investors, which included SoftBank's Vision Fund 2. Another Dubai-based company, Sweetheart Kitchen, raised $17.7m last year, from investors such as Delivery Hero, which owns food aggregator Talabat.
GrubTech, which helps these kitchens process online orders, raised $3.4m in a pre-Series A round from large regional family offices, a US-based VC firm and some angel investors in March this year. Prior to that it raised $2m in a seed round in 2020.
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
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Fuel economy, combined: 7.0L / 100km
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UAE currency: the story behind the money in your pockets
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
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EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
