CloudEats, a Southeast Asia cloud kitchen startup that is reducing the costs of operating a restaurant and running deliveries, has raised $7 million in its Series A extension round, to expand its offering in the region.
- The raised funds will enable CloudEats to develop its brands, grow its team, and double down on investment in the shared kitchen technology, it claims.
- Founded in 2019 by Kimberly Yao and Lacopo Rovere, CloudEats uses its proprietary technology to offer restaurant owners and food entrepreneurs a commercial kitchen at a reduced cost for food delivery and takeout. The Manila-headquartered startup operates across the Philippines and Vietnam.
- According to Yao, CloudEats co-founder, the cloud kitchen startup is looking to expand deeply into Southeast Asia, including Thailand, Malaysia, and Indonesia by 2023, on the premise of its successful launch in Vietnam earlier this year.
- Since raising its Series A in October 2021, CloudEats has increased its cloud kitchen locations in the Philippines from 7 to 25 and has 4xed its revenue since April this year, compared to October last year, Yao says.
- The shared kitchen startup now aims to focus on advancing its stack of integrated SaaS solutions for food service and strengthening brand building and marketing efforts, Lacopo Rovere, CloudEats, co-founder claims.
- The startup now has 30 brands in the Philippines and more than 20 in Vietnam, including Burger Beast, 24/7 Eats, Sulit Chicken, Pia's Kitchen, and Healthy Appetite among others in its portfolio. It has now raised $14 million in funding since it launched, with this extended Series A.