April 23, 2024

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

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.”


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