An announcement has been made by the Hub71 food tech startup The Cloud regarding the successful first close of its $12 million Series B funding round, which is part of a larger $30 million fundraising effort. The Cloud’s ambition to innovate and grow was validated by the participation of MENA Moonshots, a new investor in the funding round.
The Cloud, founded by Georges Karam, has made great progress toward redefining the virtual dining landscape in the United Arab Emirates, the larger Gulf Cooperation Council (GCC), and Europe with the addition of this milestone, debt financing from Aluna Partners, and the strategic acquisition of the UK-based food tech startup KBOX.
Through the strategic acquisition of KBOX, The Cloud expands its footprint strategically by 200 locations in the UK, further solidifying its position as a homegrown UAE-based startup making significant inroads on the global stage. By taking this action, the company is demonstrating its dedication to leading the food tech industry in innovation and paving the way for future growth in the UK and other GCC and European markets like Saudi Arabia, Lithuania, Belgium, and the Netherlands.
The Cloud’s sound business model and ambitious goals are demonstrated by the Series B funding, which consists of an equal part of debt and equity. After raising $10 million in Series A funding at first, The Cloud has now raised $22 million in total, demonstrating its ability to draw in important partners like MENA Moonshots. Beyond just money, The Cloud’s investments offer priceless knowledge and networking opportunities as it aggressively pursues new markets and cutting-edge dining options.
Georges Karam, CEO of The Cloud, shared his enthusiasm for the new developments, stating: “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 megatrend that is here to stay. We believe that The Cloud will gain a 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 Cloud’s growth will be expedited by the additional capital from the Series B funding, which is intended primarily for international expansion, operational enhancements, and the further development of the company’s proprietary technology platform.
The Cloud is on track for a dual listing in Abu Dhabi and Riyadh, which would signal the start of a new phase of growth for the virtual chain in the EMEA region. The Cloud currently operates in 7 countries and 91 cities, with goals to reach 8,000 locations by the end of 2027. The company is dedicated to its mission of revolutionizing the global dining experience, empowering restaurateurs, and creating new standards for quality and innovation in the food tech sector even as it continues on its current growth trajectory.
