JAM Fund, Crystal Towers Capital, and Starling Ventures have invested $1.7 million in MadEats, a Filipino cloud kitchen firm.
The Manila Angel Investors Network and Rebel Firm, a VC fund backed by a network of Y Combinator alumni, also joined the round as co-investors.
Y Combinator and 335 Fund had previously invested in MadEats (run by Paymongo Co-Founder Luis Sia).
MadEats is a restaurant chain that solely delivers food online. It creates its own cuisine concepts, accepts orders through its online store, and delivers with its own fleet of riders.
MadEats has established six brands since its inception in November 2020: Yang Gang (Korean fried chicken store), Chow Time (Chinese takeout), Fried Nice (fried rice), Dot Coffee, MadBakes (desserts), and MadMakes (clothing) (for bulk orders, corporate packages, and packed meals).
In Makati, Quezon City, and Manila, it now maintains three ghost kitchens. MadEats intends to continue expanding throughout Metro Manila.
Advanced technologies, an end-to-end ecosystem of applications, services, bespoke third-party integrations, and MadKitchenOS are all part of the expansion strategy. The platform now includes an automated order routing mechanism as well as analytics.
“We want MadEats to be the modern-day virtual restaurant, focusing on creating better products and scaling them faster through ghost kitchens, so customers get a better dining experience, wherever they are,” said CEO Mikee Villareal.
MadEats received an unknown amount in pre-seed funding in November 2020, headed by Tinder co-founder Justin Mateen and Luis Sia.
