The Cloud (a Hub71 food tech startup) announced the successful first close of its $12 million Series B funding round out of a total of $30 million it is raising. The funding round saw participation from a new investor, MENA Moonshots, which showcases confidence in The Cloud’s ambitions 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 GCC and Europe.
With a vision deeply rooted in utilizing in-house technology to disrupt the food industry, The Cloud’s acquisition of KBOX expands its global footprint by 200 locations in the UK. This move drives the company’s commitment to driving innovation and asserting leadership in the food tech sector, setting the stage for rapid expansion across the UK and other strategic European markets such as Lithuania, Belgium, and the Netherlands.
The Series B funding round, a balanced mix of equity and debt, is a testament to The Cloud’s business model and its vision. Having initially raised $10 million in the Series A funding, this funding round brings The Cloud’s total funds raised to $22 million, which highlights the company’s capacity to attract strategic partners like MENA Moonshots. The funding extend beyond capital, providing invaluable expertise and access to networks as The Cloud ambitiously eyes new markets and innovative dining solutions.
The additional funding 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.
With a presence in 7 countries and 91 cities and the ambitions to reach 8,000 locations by the end of 2027, The Cloud is now on track for a dual listing in Abu Dhabi and Riyadh, marking a new era of growth for the virtual chain in the EMEA region. And as the company advances on this growth trajectory, it remains committed to its mission of transforming the global dining experience, empowering restaurateurs, and setting new benchmarks for quality and innovation in the food tech industry.
KEY QUOTES:
“Our Series B funding and the acquisition of KBOX cement our role as disruptors in the global food tech sector. With a cumulative $22 million raised to date, we’re not only eyeing new markets but are set on increasing our market share in existing territories. Our in-house developed technology and strategy for further acquisitions underscore our belief in the industry’s 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.”
- Georges Karam, Founder & Chairman of The Cloud
“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.”
- Stefano Sciacca, Managing Director at Aluna Partners
