CloudEats raises US$5M in Series A to further expand in SEA market

Philippine-based cloud kitchen startup CloudEats announced that it has raised a US$5 million ‘oversubscribed’ Series A funding round led by Vulpes Investment Management of Singapore and Gobi Partners, particularly the Gobi-Core PH Fund.

Alibaba-backed BAce Capital, Intera Investments Limited, GMA Ventures, and angel investors also participated in this funding round.

Following the funding round, BAce Capital Founding Partner Benny Chen is set to join CloudEats’ board of directors.

The company has also established an outstanding international Advisory Board composed of the current and former CEO of Monde Nissin, McDonald’s and Starbucks in Europe.

It plans to use the new funding to support its regional expansion plan; CloudEats plans to launch in two new Southeast Asian (SEA) markets within the next 12 months.

Also Read: How Philippine cloud kitchen industry is piggybacking on the country’s unique food culture, shifting customer behaviour

“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 company also aims to develop new F&B brands to follow its own Burger Beast.

In the past year, cloud kitchen has been one of the most popular sectors in SEA, as the COVID-19 pandemic changes the behaviour of F&B customers in the region to become more reliant on food delivery services.

Investments have also been pouring into the sector with the most recent being Hometaste’s US$576,000 in equity crowdfunding in October.

There are at least 27 cloud kitchen companies operating in SEA at the moment, including in markets such as Indonesia and Malaysia.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: CloudEats

The post CloudEats raises US$5M in Series A to further expand in SEA market appeared first on e27.

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Philippine-based cloud kitchen startup CloudEats announced that it has raised a US$5 million ‘oversubscribed’ Series A funding round led by Vulpes Investment Management of Singapore and Gobi Partners, particularly the Gobi-Core PH Fund.

Alibaba-backed BAce Capital, Intera Investments Limited, GMA Ventures, and angel investors also participated in this funding round.

Following the funding round, BAce Capital Founding Partner Benny Chen is set to join CloudEats’ board of directors.

The company has also established an outstanding international Advisory Board composed of the current and former CEO of Monde Nissin, McDonald’s and Starbucks in Europe.

It plans to use the new funding to support its regional expansion plan; CloudEats plans to launch in two new Southeast Asian (SEA) markets within the next 12 months.

Also Read: How Philippine cloud kitchen industry is piggybacking on the country’s unique food culture, shifting customer behaviour

“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 company also aims to develop new F&B brands to follow its own Burger Beast.

In the past year, cloud kitchen has been one of the most popular sectors in SEA, as the COVID-19 pandemic changes the behaviour of F&B customers in the region to become more reliant on food delivery services.

Investments have also been pouring into the sector with the most recent being Hometaste’s US$576,000 in equity crowdfunding in October.

There are at least 27 cloud kitchen companies operating in SEA at the moment, including in markets such as Indonesia and Malaysia.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: CloudEats

The post CloudEats raises US$5M in Series A to further expand in SEA market appeared first on e27.

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