ABU DHABI, United Arab Emirates — The Cloud, a pioneering food tech startup based in Hub71, has announced the successful first close of its $12 million Series B funding round, part of a larger $30 million effort. The round witnessed participation from new investor MENA Moonshots, underscoring confidence in The Cloud’s innovative vision and expansion strategy.
This funding milestone is complemented by debt financing from Aluna Partners and marks a significant expansion move with the strategic acquisition of KBOX, a UK-based food tech startup. Founded by Georges Karam, The Cloud is setting new standards in the virtual dining industry across the GCC and Europe with its technology-driven approach.
The acquisition of KBOX extends The Cloud’s reach by 200 locations across the UK, highlighting its ambition to innovate and lead in the food tech sector. With plans for rapid expansion in key European markets including Lithuania, Belgium, and the Netherlands, The Cloud is leveraging its Series B funding to fuel its growth and operational capabilities.
To date, The Cloud has raised a total of $22 million, including $10 million from its Series A funding round. The support from MENA Moonshots and other strategic partners underscores The Cloud’s strong business model and potential for market dominance.
“Our Series B funding and KBOX acquisition affirm our disruptive role in the global food tech landscape,” said Georges Karam, Founder & Chairman of The Cloud. “With $22 million in funding, our focus extends to increasing market share and exploring further acquisitions, demonstrating our commitment to international expansion and innovation.”
Stefano Sciacca, Managing Director at Aluna Partners, expressed enthusiasm for The Cloud’s market potential, particularly through its acquisition of KBOX, and highlighted the enduring trend of online food delivery.
The Series B funds will primarily support The Cloud’s international expansion, operational enhancements, and the development of its proprietary technology platform. With operations in 7 countries and 91 cities, The Cloud aims to grow its presence to 8,000 locations by 2027 and is preparing for a dual listing in Abu Dhabi and Riyadh, signaling a new phase of growth for the EMEA region’s virtual dining chain.
The Cloud’s mission to transform the global dining experience continues as it seeks to empower restaurateurs and establish new quality and innovation benchmarks in the food tech industry. – PEVCJournal.com