The Cloud, a virtual kitchen start-up based in Abu Dhabi's Hub71, has secured $10 million in series A funding that it will use to expand operations in the GCC and Europe.
The investment round was led by Dubai-based Middle East Venture Partners (MEVP), Riyadh-based Olayan Financing Company, with participation from Saudi Arabia's Rua Growth Fund, The Cloud said on Wednesday.
The company, which recently opened its regional headquarters in Saudi Arabia, plans to expand to Kuwait next to boost its GCC footprint, with France and Italy as its next target markets in Europe, George Karam, co-founder and chief executive of The Cloud, told The National.
The company is currently present in the UAE, Belgium, Lithuania, the Netherlands, Romania, the US and the UK.
“We will utilise this funding to expand into Saudi Arabia, make an even bigger impact on restaurant owners and further bolster our talent and infrastructure,” Mr Karam said.
“Growing the brand regionally and globally” will result in “delivering strong returns for our investors”, he added.
Cloud or virtual kitchens — also known as ghost or dark kitchens — are commercial spaces built to prepare food specifically only for deliveries, with multiple brands able to operate from that centralised premises.
Food companies accept orders through mobile applications which are then delivered by the likes of Zomato, Deliveroo, Talabat and Careem.
The kitchens benefited greatly from the shift to online services during the coronavirus crisis, which forced people to rely more on apps and delivery services for food. The trend has continued and is expected to grow further as consumers enjoy its convenience, variety and discounts on offer.
The global cloud kitchen market is expected to hit $112.7 billion by 2030, from $29.4bn in 2020, expanding at an annual compound rate of about 13 per cent, according to data from Allied Market Research.
The Cloud's latest funding, which follows investment rounds in 2019 and 2020, the second of which was also led by MEVP, will also help the start-up expand and accelerate the development of its artificial intelligence-powered kitchen matching platform.
It also shows the continued growth of Middle East start-ups, which are contributing to economies through their platforms, helping users conduct hassle-free activities and transactions.
The company's expansion is “yet another example of the region’s growing ability to foster talented entrepreneurs and enable them to build innovative technology solutions that are scalable and competitive at the global stage”, said Turki Aljoaib, managing partner of Rua Growth Fund.
Hub71, Abu Dhabi's global technology ecosystem, is now home to more than 170 start-ups, and those in the pre-seed, seed and series A stages have collectively raised more than $67m.
Last month, it welcomed a new batch of start-ups able to tap into additional resources to scale up their businesses.
The UAE capital is also accelerating its efforts to boost the cloud kitchen sector. Earlier this year, US-based technology start-up Reef, backed by Abu Dhabi's Mubadala Capital, partnered with Americana Group — the largest food and beverage operator in the Middle East — to open cloud kitchens in the region.
Dubai, meanwhile, is home to Kitopi, a cloud kitchen start-up that began four years ago and is now said to be valued at $1bn.
England's all-time record goalscorers:
Wayne Rooney 53
Bobby Charlton 49
Gary Lineker 48
Jimmy Greaves 44
Michael Owen 40
Tom Finney 30
Nat Lofthouse 30
Alan Shearer 30
Viv Woodward 29
Frank Lampard 29
The finalists
Player of the Century, 2001-2020: Cristiano Ronaldo (Juventus), Lionel Messi (Barcelona), Mohamed Salah (Liverpool), Ronaldinho
Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
Club of the Century, 2001-2020: Al Ahly (Egypt), Bayern Munich (Germany), Barcelona (Spain), Real Madrid (Spain)
Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
Coach of the Year: Gian Piero Gasperini (Atalanta), Hans-Dieter Flick (Bayern Munich), Jurgen Klopp (Liverpool)
Agent of the Century, 2001-2020: Giovanni Branchini, Jorge Mendes, Mino Raiola
England Test squad
Ben Stokes (captain), Joe Root, James Anderson, Jonny Bairstow, Stuart Broad, Harry Brook, Zak Crawley, Ben Foakes, Jack Leach, Alex Lees, Craig Overton, Ollie Pope, Matthew Potts
The specs
Engine: 1.4-litre 4-cylinder turbo
Power: 180hp at 5,500rpm
Torque: 250Nm at 3,00rpm
Transmission: 5-speed sequential auto
Price: From Dh139,995
On sale: now
FFP EXPLAINED
What is Financial Fair Play?
Introduced in 2011 by Uefa, European football’s governing body, it demands that clubs live within their means. Chiefly, spend within their income and not make substantial losses.
What the rules dictate?
The second phase of its implementation limits losses to €30 million (Dh136m) over three seasons. Extra expenditure is permitted for investment in sustainable areas (youth academies, stadium development, etc). Money provided by owners is not viewed as income. Revenue from “related parties” to those owners is assessed by Uefa's “financial control body” to be sure it is a fair value, or in line with market prices.
What are the penalties?
There are a number of punishments, including fines, a loss of prize money or having to reduce squad size for European competition – as happened to PSG in 2014. There is even the threat of a competition ban, which could in theory lead to PSG’s suspension from the Uefa Champions League.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The%20specs
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COMPANY%20PROFILE
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
MATCH INFO
Southampton 0
Manchester City 1 (Sterling 16')
Man of the match: Kevin de Bruyne (Manchester City)
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ESmartCrowd%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2018%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3ESiddiq%20Farid%20and%20Musfique%20Ahmed%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%20%2F%20PropTech%0D%3Cbr%3E%3Cstrong%3EInitial%20investment%3A%20%3C%2Fstrong%3E%24650%2C000%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%3C%2Fstrong%3E%2035%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EVarious%20institutional%20investors%20and%20notable%20angel%20investors%20(500%20MENA%2C%20Shurooq%2C%20Mada%2C%20Seedstar%2C%20Tricap)%3C%2Fp%3E%0A
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
