Kitopi operates more than 60 kitchens and has more than 1500 employees
SoftBank Group Corp is in talks to invest in Dubai “cloud kitchen” Kitopi‘s latest funding round through its second technology fund. The Japanese company’s Vision Fund 2 has put forward a proposal to lead an investment of about $400 million in Kitopi.
Cloud kitchens are facilities built to prepare food specifically for delivery and they have benefited from the shift to online services during the coronavirus crisis. These kitchens offer delivery-only services from a centralised location through a mobile app.
Kitopi operates more than 60 kitchens and has more than 1500 employees. Allied Market Research has estimated that the global cloud kitchen industry could be worth about $71 billion by 2027 compared with $43 billion in 2019.
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Kitopi hired Bank of America earlier this year to help with the fundraising round. They are expected to generate $150 million to $200 million of financing to expand into Southeast Asia.
SoftBank’s Vision Fund 2, which has targeted $108 billion in fundraising, was seeded with $38 billion from SoftBank’s own funds.
Kitopi has raised $117.2 million since its inception from investors including Dubai-based venture capital firm BECO Capital and US-based Lumia Capital.
(With inputs from agencies)
