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Miguel Cordon · · 1 min readSoftBank leads $415m injection into Dubai-based cloud kitchen startup
“Dubai-based cloud kitchen startup Kitopi has raised US$415 million from a group of investors including SoftBank Group’s Vision Fund 2, vaulting it to unicorn status,” Bloomberg reported.
Details:
- The company’s CEO Mohamad Ballout said Kitopi now has enough capital to extend its reach in the Middle East and expand globally. It aims to invest around US$200 million to build its business in Saudi Arabia.
- Other investors in the round include Chimera, Dogus Group, Next Play Capital, and B Riley Financial.
Context:
- The new funding comes after Kitopi raised US$60 million last year before Covid-19 spread throughout the globe.
- SoftBank’s investment in Kitopi marks its first in a UAE-based company.
Editing by Collin Furtado and Jaclyn Tiu
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