Philippines-based CloudEats, a cloud kitchen business, raised $7 million in a round that was spearheaded by VC firm Nordstar.
The firm, which was founded in 2019, runs cloud kitchens built with meal delivery in mind. Since then, it has expanded to fulfill over 2.5 million orders in the Philippines and Vietnam.
In the first half of 2023, CloudEats stated its intention to enter a new market. “The massive growth of our Vietnam business over the last two quarters is highly encouraging,” says co-founder Kimberly Yao.
The business plans to utilize the additional funding to develop its own brands, such as Burger Beast, 24/7 Eats, and Sulit Chicken. Additionally, it will invest resources in its celebrity-endorsed companies, such Pia’s Kitchen, which was created in collaboration with Miss Universe 2015 Pia Wurtzbach.
Along with expanding its recruiting and marketing, CloudEats will also intensify its use of smart kitchen technology.
Southeast Asia’s meal delivery sector is predicted to be worth $50 billion by 2030, according to a Frost & Sullivan analysis.
