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The Cloud raises USD 12 mn in series B round: Abu Dhabi-based cloud kitchen The Cloud, a startup backed by Abu Dhabi-based tech accelerator Hub71, raised USD 12 mn in a series B round from Dubai-based early stage VC MENA Moonshots and a debt facility from London-based Aluna Partners, Wamda reports. The funding marks the first close of the series B round, in which The Cloud is looking to raise a total of USD 30 mn.
Previous funding: Coupled with a USD 10 mn raised in its series A round in September 2022 led by VC Middle East Venture Partners and Olayan Financing Company, the company has raised a total of USD 22 mn to date.
About The Cloud: Founded in 2019 by Kamil Rogalinski (LinkedIn) and George Karam (LinkedIn), the company uses AI technology to provide dining solutions for kitchens and virtual food brands. The company recently strengthened its foothold in the UK by acquiring food tech startup KBOX, which saw the firm expand its reach by 200 locations in the UK.
The Cloud is cooking up an expansion: The cloud kitchen will earmark the raised sum to accelerate its growth, fund its expansion plans in international markets, boost its operations and develop its digital platform. The startup is looking to expand its presence “across the UK and other GCC and European markets such as Saudi Arabia, Lithuania, Belgium, and Netherlands,” according to the press release.
What they said: “Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape. Having raised a total of USD 22 mn, we are now focused on enhancing our market presence in the UAE and beyond. Looking forward, we continue to actively eye more strategic acquisitions while also seeking to raise further capital,” The Cloud CEO George Karam said.
What’s next for The Cloud? Looking to grow its reach in the EMEA region to 8k locations by 2027, the startup is planning a dual listing in Abu Dhabi and Riyadh.
OTHER STARTUP NEWS-
Gaming startup GameCentric raised USD 1.5 mn in a funding round from Dubai-based angel investor Bilal Merchant, according to a press release. The gaming firm will use the funds to upgrade its digital platform and expand beyond the GCC and MENA region.
About GameCentric: Following the completion of the funding round, the platform officially launched on 1 December 2023. The gaming platform was endorsed by Liv, the digital bank operated by Emirates NBD.
What’s next for GameCentric: The startup is looking to triple its user base over the next two years and more than double its portfolio by including web2 and web3 games.
