Miguel Cordon · · 1 min readPhilippines-based cloud kitchen startup served $7m funding
CloudEats, a cloud kitchen startup based in the Philippines, raised US$7 million in a round led by VC firm Nordstar.
Photo credit: CloudEats
Founded in 2019, the startup operates cloud kitchens designed with food delivery as a priority. Since then, it has grown to serve over 2.5 million orders in both Vietnam and the Philippines.
Looking ahead, CloudEats said it plans to enter into a new market during the first half of 2023. “The massive growth of our Vietnam business over the last two quarters is highly encouraging,” says co-founder Kimberly Yao.
The company intends to use the new capital to build out its own brands, including Burger Beast, 24/7 Eats, and Sulit Chicken. It will also funnel resources into its celebrity brands such as Pia’s Kitchen, which was co-developed with Miss Universe 2015 Pia Wurtzbach.
See also: These are the most active investors in Southeast Asia’s startups
CloudEats will also double down on its smart kitchen tech as well as step up its hiring and marketing.
A Frost & Sullivan report estimates that Southeast Asia’s food delivery market will reach US$50 billion in value by 2030.
Editing by Samreen Ahmad and Eileen C. Ang
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