The Cloud, a UAE-based restaurant tech startup, is planning a dual listing in Abu Dhabi and Riyadh.
The company announced today that it has successfully closed the first phase of its Series B funding round, raising $12 million out of the total $30 million targeted for the round, according to a press release.
The funds raised during the Series B funding round will play a significant role in accelerating the company’s business growth, as a large portion of them has been allocated to expanding the company’s business globally, enhancing operational capabilities, and continuing efforts to develop the company’s technology platform.
The Series B round, which includes a mix of equity and debt, reflects the strength of The Cloud’s business model and the distinctiveness of its vision and objectives. After successfully raising $10 million in its first Series A round, the new round brings the total funding raised by the company to date to $22 million.
The successful completion of this round of funding, coupled with The Cloud’s debt financing from Aluna Partners and its strategic acquisition of UK-based restaurant tech startup KBOX, represents a significant milestone for the company, which was established to reshape the cloud kitchen sector in the UAE, GCC and Europe.
The Cloud’s acquisition of KBOX has strategically expanded its reach and added around 200 new sites to its portfolio in the UK.
It is worth noting that The Cloud is an Emirati startup specializing in restaurant technology and is part of the global technology ecosystem Hub 71, which is currently present in seven countries and 91 cities around the world, and aspires to reach 8,000 locations by the end of 2027.
