Filipino cloud restaurant startup CloudEats announced securing $5 million in its Series A round.
Vulpes Investment Management of Singapore and Gobi Partners (Gobi-Core PH Fund) led the fundraising, along with notable investors including Alibaba-backed BAce Capital, Intera Investments Limited, GMA Ventures, and prominent angel investors.
The funds raised in this round will be utilized to scale the cloud restaurant company’s proprietary smart kitchen technology, open cloud kitchens in more markets across the region, and develop new champion brands like Burger Beast, which has now become one of the top recognized burger brands in the Philippines.
Kimberly Yao, co-founder, said they continue to experience explosive growth, allowing digitally native brands to carve their own space and win in the market.
“We aim to become the largest online food group in the region by building persona-driven, highly innovative cloud restaurants with delicious food that our consumers love and value,” Yao added.
Iacopo Rovere, co-founder, revealed that in the next 12 months, the company targets to launch operations in Vietnam and continue their aggressive expansion in the Philippines.
BAce Capital Founding Partner Benny Chen, who led Ant Financial’s investment into Zomato and Paytm and served on the board of both companies, will join CloudEats’ board of directors.
Field Pickering, Head of Venture Investing at Vulpes Investment Management, said CloudEats’ unique approach to providing next-generation cloud kitchens is perfect fit for the young and digital savvy populations of Southeast Asia.
Thomas G Tsao, founding partner and co-founder of Gobi Partners, said they are “thrilled to be making history with them”.
Investments from leading venture capital investors across Asia confirm the strong regional opportunity for CloudEats.
CloudEats, a pioneer cloud restaurant company in Southeast Asia, owns and operates online-only restaurants in its multi-brand cloud kitchens.
Recently, it was featured in the inaugural Forbes 100 To Watch list that “spotlights notable small companies and startups on the rise across the Asia-Pacific region.”