We show you our most important and recent visitors news details Sweetheart Kitchen CEO leads its €15 million Series C round in the following article
Hind Al Soulia - Riyadh - Sweetheart Kitchen CEO leads its €15 million Series C round
News • 11 October, 2020
Edit
Dubai-based cloud kitchen operator Sweetheart Kitchen, today announced the raise of €15 million ($17.7 million) in Series C funding, a round that is backed by “strategic investors” and led by the company’s own chief executive, Peter Schatzberg.
The funds will be used to fuel the cloud kitchen’s growth and optimise its food delivery supply technology.
“We invest most of our funding into supply chain technology, food design and hiring talent,” said Schatzberg. “This will continue into 2021, as we are just 15 months old and we are still perfecting our business model. Scaling units is certainly one important objective for us, but we are also investing in streamlining our processes and systems to achieve profitability. We look forward to even more milestones in this next stage of the company’s growth.”
Having previously raised €21 million and launched 30 brands, the company now plans to launch five additional brands, and have 12 units live in the UAE and seven units live in Kuwait by Q1, 2021 with more expansion in the pipeline into Saudi Arabia in the second half of 2021.
“We are excited to relaunch in Kuwait after the pandemic lockdown measures prevented us from scaling earlier this year. It’s a great market for delivery where product innovation is valued by the consumer. We plan on re-opening in January with seven kitchens and on covering over 75 per cent of Kuwait by the end of Q2-2021 with our new brands,” said Adib Samara, vice president head of marketing at Sweetheart Kitchen.
The cloud kitchen space in the GCC is one of the fastest growing areas of the foodtech sector, fuelled by the high demand in food delivery in the region.
These were the details of the news Sweetheart Kitchen CEO leads its €15 million Series C round for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at Wamda and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
