The strategic acquisition of KBOX marks a significant stride for The Cloud towards redefining the virtual dining landscape in the UAE.
The Cloud, a Hub71 food tech startup, has announced the first close of its $12 million Series B funding round out of a total $30 million it is raising. The funding round saw participation from a new investor, MENA Moonshots, showcasing confidence in The Cloud’s mission to innovate and expand.
This milestone, coupled with debt financing from Aluna Partners, and the strategic acquisition of the UK-based food tech startup KBOX, marks a significant stride for The Cloud, founded by Georges Karam, towards redefining the virtual dining landscape in the UAE, the wider GCC region, and Europe.
Georges Karam, CEO of The Cloud, said, “Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape. Having raised a total of $22 million, we are now focused on enhancing our market presence in the UAE and beyond. Our in-house developed technology and proactive acquisition strategy reflect our vision for industry consolidation and our commitment to scaling strong homegrown brands internationally. Looking forward, we continue to actively eye more strategic acquisitions while also seeking to raise further capital.”
Stefano Sciacca, Managing Director at Aluna Partners, said, “The online food delivery market is a mega trend that is here to stay. We believe that The Cloud will gain significant market share in the UK market through the acquisition of KBOX. Having looked at many food tech business models, we believe The Cloud is emerging as a global market leader and are excited to support such a fast-growing venture.”
The additional capital from the Series B funding will be instrumental in accelerating growth, with a significant portion earmarked for international expansion, enhancing operational capabilities, and further developing The Cloud’s proprietary technology platform.
In a move to solidify its position as a homegrown UAE-based startup making significant inroads on the global stage, The Cloud’s acquisition of KBOX strategically expands its footprint by 200 locations in the UK. The Series B funding, a balanced mix of equity and debt, is a testament to The Cloud’s robust business model and its vision.
