April 23, 2024

The Cloud secures USD 12 Mln and acquires UK start-up KBOX

Facebook
Twitter
LinkedIn
Abu Dhabi’s The Cloud secures $12mln, acquires UK start-up KBOX
Abu Dhabi’s The Cloud secures $12mln, acquires UK start-up KBOX

Abu Dhabi-based The Cloud, a virtual kitchen start-up, has secured $12 million in new funding and acquired UK food tech start-up KBOX.

The Series B funding round, which saw participation from a new investor, MENA Moonshots, brings the total investment raised by the UAE start-up to $22 million, a statement said on Monday.

The company, which has a presence in seven countries and 91 cities, intends to use the new capital to accelerate growth, expand overseas, boost operational capabilities and further develop its technology platform.

With the acquisition of KBOX, the company has expanded its global portfolio by an additional 200 locations, signalling a strategic move into the European market.

The Cloud
The Cloud

The Cloud, which previously raised $10 million in a Series A funding, also confirmed that it is on track for a dual listing in Abu Dhabi and Riyadh by 2027, with a target of 8,000 locations.

“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,” said Georges Karam, Founder and Chairman of The Cloud.

“Looking forward, we continue to actively eye more strategic acquisitions while also seeking to raise further capital.”

Source

Also Read:

Andalusia Labs Secures USD48Mn Series A-Funding At USD1Bn Valuation

AMEA Power announces a USD75 mln funding round from the SoftBank Group

CE-Ventures announces its final close of the USD 26mln Series A funding round

Share.

RELATED POSTS

Terra raises USD 2Mln to expand its EV fleet
Terra raises USD 2Mln to expand its EV fleet
UAE fintech start-up Kema secures $2mln
UAE fintech start-up Kema secures USD 2 Mln
Saudi Arabia to invest $12bln in steel projects
Saudi Arabia plans to invest USD 12Bln in steel projects
  • BYDFi

LATEST POSTS

Illustrative image (Image by KamranAydinov on Freepik)
Arab Afro Digital Payment Exhibit, Symposium Awards
Mohammed Al Mahmood, Head of Sales at Diyar Al Muharraq, and Abdulraman Alkhan, Head of Cards & E-Channels at KFH – Bahrain. Image Courtesy-KFH – Bahrain
Beyon Money partners with Medical.BH to benefit customers