UAE-based The Cloud, a Hub71 food tech startup, successfully announced the first close of its USD 12 million Series B funding round. So far, the total financing raised in its round amounts to USD 30 million. A new investor, MENA Moonshots, provided the financing. Aluna Partners also joined in the financing. Meanwhile, the company also announced the strategic acquisition of the UK-based food tech startup KBOX.
Purpose of Financing for The Cloud
With the latest financing, The Cloud seeks to accelerate growth, with a significant portion earmarked for international expansion, enhancing operational capabilities. It also seeks to further develop The Cloud’s proprietary technology platform.
What the company’s official has to add
Georges Karam, Founder & Chairman of The Cloud, said, “Our Series B funding and the acquisition of KBOX cement our role as disruptors in the global food tech sector. With a cumulative $22 million raised to date, we’re not only eyeing new markets but are set on increasing our market share in existing territories. Our in-house developed technology and strategy for further acquisitions underscore our belief in the industry’s consolidation and our commitment to scaling strong homegrown brands internationally. Looking forward, we continue to actively eye more strategic acquisitions while also seeking to raise further capital.”
What the investors have to comment
Stefano Sciacca, Managing Director at Aluna Partners, further said, “The online food delivery market is a megatrend that is here to stay. We believe that The Cloud will gain significant market share in the UK market through the acquisition of KBOX. Having looked at many food tech business models, we believe The Cloud is emerging as a global market leader and are excited to support such a fast-growing venture.”
About the company
The Cloud is on pace for a dual listing in Abu Dhabi and Riyadh, which would signal the start of a new phase of expansion for the virtual chain in the EMEA region. The Cloud currently operates in 7 countries, 91 cities, and hopes to reach 8,000 sites by the end of 2027. The company is dedicated to its purpose of revolutionising the global dining experience, empowering restaurateurs, and creating new standards for quality and innovation in the food tech sector even as it continues on its current growth trajectory.
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