To further expand in SEA market, US $5 M Series A funding raised by CloudEats
CloudEats, a Philippine-based cloud kitchen business, has secured a US $5 million ‘oversubscribed’ Series A fundraising round headed by Singapore’s Vulpes Investment Management and Gobi Partners, namely the Gobi-Core PH Fund.
This round of investment was also attended by Alibaba-backed BAce Capital, Intera Investments Limited, GMA Ventures, and angel investors.
Benny Chen, a founding partner of BAce Capital, will join CloudEats’ board of directors following the fundraising round.
In addition, the firm has formed an excellent worldwide Advisory Board that includes current and past CEOs of Monde Nissin, McDonald’s, and Starbucks in Europe.
CloudEats wants to utilise the additional capital to assist its regional development strategy, with two new Southeast Asian (SEA) markets set to start within the next 12 months.
In addition, the business wants to create new food and beverage brands to complement its current Burger Beast.
As the COVID-19 epidemic transforms the behaviour of F&B consumers in the area to become increasingly reliant on meal delivery services, cloud kitchen has become one of the most popular industries in SEA in the last year.
“We are very excited to launch operations in Vietnam this November, and continue our aggressive expansion in the Philippines,” says CloudEats Co-Founder Iacopo Rovere.
The most recent investment in the industry was Hometaste’s US $576,000 in equity crowdfunding in October.
At the moment, there are at least 27 cloud kitchen firms operating in Southeast Asia, including Indonesia and Malaysia.
