Filipino Cloud Kitchen Startup Secures P250 Million in Series A Funding
Despite the pandemic, 2021 is looking to be a strong year for startup funding thanks to the quick pivoting and innovations of local startups. The most recent to receive a notable sum is CloudEats, a local cloud kitchen startup that’s now going regional.
CloudEats raised $5 million (P253 million) in an “oversubscribed" Series A round that was led by Vulpes Investment Management of Singapore and Gobi Partners (Gobi-Core PH Fund). Other participating investors include Alibaba-backed BAce Capital, Intera Investments Limited, GMA Ventures, and other angel investors.
The cloud kitchen will use its new funding to scale its business, including its proprietary smart kitchen technology, developing new brands like Burger Beast, and expanding to other markets in the region. The startup plans to launch in two new Southeast Asian markets within the next 12 months, starting with Vietnam this November.
“The food delivery market in Southeast Asia continues to experience explosive growth, allowing digitally native brands such as ours to carve their own space and win in the market. We aim to become the largest online food group in the region by building persona-driven, highly innovative cloud restaurants with delicious food that our consumers love and value,” said co-founder Kimberly Yao in a news release.
According to Thomas G. Tsao, founder partner and co-founder of Gobi Partners, Yao just raised the largest round ever for Filipina-led startup in the Philippines. Yao was recently named on the Forbes 100 To Watch list and TechNode’s Top 50 Rising Women in Southeast Asia.
“The team at CloudEats is one of the strongest founding teams we have seen in Southeast Asia and their unique approach to providing next-generation cloud kitchens is a perfect fit for the young and digital savvy populations of Southeast Asia,” said Field Pickering, head of venture investing at Vulpes Investment Management.
After raising $5 million in its Series A funding, CloudEats welcomed Bace Capital founding partner Benny Chan to the startup’s board of directors. The startup has also established an international Advisory Board that is made up of current and former CEOs of Monde Nissin, McDonald’s, and Starbucks in Europe.