• The Cloud, a Hub71 food tech startup, achieves a successful first close of $12 million in its Series B funding round, with a target of $30 million.
• Strategic acquisition of UK-based food tech startup KBOX expands The Cloud’s presence by 200 locations in the UK, emphasizing its commitment to industry leadership and global expansion.
• Series B funding, comprising a balanced mix of equity and debt, highlights The Cloud’s robust business model and vision, enabling accelerated growth, international expansion, and technological advancement.
The Hub71 food tech startup, The Cloud, has achieved the first close of $12 million in its Series B funding round, out of a targeted $30 million, according to the company.
This round witnessed the entry of a new investor, MENA Moonshots, showcasing confidence in The Cloud’s mission to innovate and expand.
This significant milestone, accompanied by debt financing from Aluna Partners and the strategic acquisition of UK-based food tech startup KBOX, represents a notable advancement for The Cloud, founded by Georges Karam.
It underscores the company’s endeavor to redefine the virtual dining landscape in the UAE, the broader GCC region, and Europe.
In a strategic move to bolster its position as a UAE-based startup with global impact, The Cloud’s acquisition of KBOX expands its presence by 200 locations in the UK.
This strategic initiative reflects the company’s commitment to driving innovation and asserting leadership in the food tech sector, paving the way for expansion across the UK, as well as other GCC and European markets including Saudi Arabia, Lithuania, Belgium, and the Netherlands.
The Series B funding, comprising a balanced mix of equity and debt, underscores The Cloud’s robust business model and vision.
With an initial $10 million raised in Series A funding, this round brings the total funds raised to $22 million, highlighting the company’s ability to attract strategic partners such as MENA Moonshots.
These partnerships extend beyond financial support, offering invaluable expertise and network access as The Cloud pursues new markets and innovative dining solutions.
Georges Karam, CEO of The Cloud, expressed excitement about the developments, stating, “Our Series B funding and the acquisition of KBOX affirm our position as innovators in the global food tech landscape.
“With a total raise of $22 million, our focus now shifts to strengthening our market presence locally and internationally. Our proprietary technology and proactive acquisition strategy reflect our vision for industry consolidation and scaling strong homegrown brands globally. Looking ahead, we are actively exploring additional strategic acquisitions while seeking further capital.”
Stefano Sciacca, Managing Director at Aluna Partners, remarked, “The online food delivery market is a significant trend with enduring potential.
“We believe that through the acquisition of KBOX, The Cloud will capture considerable market share in the UK. After evaluating various food tech business models, we see The Cloud emerging as a global market leader and are thrilled to support its rapid growth.”The additional capital from the Series B funding will accelerate growth, with a substantial portion allocated for international expansion, operational enhancement, and further advancement of The Cloud’s proprietary technology platform.
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