The Cloud, a startup in the food technology sector based in Hub71, has announced the successful initial closing of its Series B funding round, securing $12 million out of a total $30 million it aims to raise. This round of funding saw the participation of a new investor, MENA Moonshots, which reflects confidence in The Cloud’s mission to innovate and expand.
This achievement, combined with debt financing from Aluna Partners, as well as the strategic acquisition of KBOX, a food tech startup based in the UK, represents a significant step forward for The Cloud, which was founded by Georges Karam. These moves underscore the company’s commitment to revolutionizing the virtual dining landscape not only in the UAE and the broader GCC region but also in Europe.
In a bid to strengthen its position as a homegrown startup from the UAE making substantial progress globally, The Cloud’s acquisition of KBOX strategically expands its presence by 200 locations in the UK. This strategic move emphasizes the company’s dedication to driving innovation and asserting dominance in the food tech sector, paving the way for expansion across the UK, as well as other markets in the GCC and Europe, including Saudi Arabia, Lithuania, Belgium, and the Netherlands.
The Series B funding, consisting of a balanced mix of equity and debt, serves as validation of The Cloud’s resilient business model and its forward-thinking vision. With an initial $10 million raised in the Series A funding, this round brings The Cloud’s total funding to $22 million, showcasing the company’s ability to attract strategic partners like MENA Moonshots. These investments go beyond monetary value, offering invaluable expertise and access to networks as The Cloud sets its sights on new markets and innovative dining solutions.
Georges Karam, CEO of The Cloud, expressed his excitement about these recent developments, stating, “Our Series B funding and the acquisition of KBOX reinforce our position as pioneers in the global food tech landscape. With a total of $22 million raised, we are now focused on strengthening our market presence in the UAE and beyond. Our internally developed technology and proactive acquisition strategy mirror our vision for industry consolidation and our dedication to scaling strong homegrown brands internationally. Looking ahead, we remain actively engaged in pursuing strategic acquisitions while also exploring avenues for further capital raising.”
Stefano Sciacca, Managing Director at Aluna Partners, remarked, “The online food delivery market represents a significant trend that is here to stay. We believe that The Cloud will capture a considerable market share in the UK through the acquisition of KBOX. Having assessed numerous food tech business models, we are convinced that The Cloud is emerging as a global market leader and are thrilled to support such a rapidly growing venture.”
The additional capital from the Series B funding will play a crucial role in accelerating growth, with a significant portion allocated to international expansion, enhancing operational capabilities, and further refining The Cloud’s proprietary technology platform.
With a presence in 7 countries and 91 cities, and aspirations to expand to 8,000 locations by the end of 2027, The Cloud is poised for a dual listing in Abu Dhabi and Riyadh, marking a new chapter of growth for the virtual chain in the EMEA region. As the company progresses along this growth trajectory, it remains steadfast in its mission to revolutionize the global dining experience, empower restaurateurs, and establish new standards for quality and innovation in the food tech industry.
