US $576K raised by Hometaste in equity crowdfunding to scale cloud kitchen business
Hometaste, a Malaysian platform that delivers home-cooked meals, said today that it has received US $576,000 (MYR 2.4 million) through the equity crowdfunding site pitchIN. The biggest individual investment in the round, which included 89 individuals, was valued at US $192000 (MYR 802,386).
“The funds raised will be used to scale Hometaste as a data-driven multi-brand cloud kitchen operated via tech-enabled channels with a target to open 70 cloud kitchens by 2023 in Malaysia and eventually expanding beyond the Malaysian shores to other Southeast Asia countries,” said Hometaste CEO and Founder Aston Chua Yee Shen.
Hometaste, which was founded in 2017, allows consumers to order cuisine from home chefs in their neighbourhood, which is presently centered in the Klang Valley. It helps home cooks by providing a platform for them to develop their food and beverage company.
It was part of Cohort 5 of MaGIC’s Global Accelerator Program (GAP).
The firm claims to have a 15,000-strong client base, has delivered over 18,000 home recipe orders every month, and serviced over 500,000 people. It also claimed to have had a 15-fold increase in income on an annual basis since its inception.
Hometaste intends to use data analytics, machine learning, and artificial intelligence to optimise brands, cuisines, and menus for each target area as part of its expansion strategy. It also intends to use big data analysis to enhance other elements such as ingredient estimate to decrease food waste and boost income, as over 70% of programmes are already automated.
Customers have been urged to modify their behaviours as a result of the ongoing COVID-19 epidemic, which has subsequently opened up the potential for businesses such as meal delivery and associated services, including cloud kitchens. This is also true in markets like Malaysia, where the food and beverage industry has taken a blow.
