The Philippines-based cloud kitchen startup CloudEats has raised $5 million in a significantly oversubscribed Series A round led by Vulpes Investment Management of Singapore and Gobi Partners (Gobi-Core PH Fund), according to an announcement.
Other investors who participated in the round are Alibaba-backed BAce Capital, Intera Investments Limited, GMA Ventures, besides a host of prominent angel investors.
The transaction will see BAce Capital founding partner Benny Chen, who led Ant Financial’s investment in Indian companies Zomato and Paytm, join CloudEats’ board of directors.
The corpus raised will be used by the company to ramp up its proprietary smart kitchen technology, open cloud kitchens in more markets across the region.
CloudEats plans to launch its operations in two new Southeast Asian markets in the next 12 months, beginning with Vietnam this November.
“The team at CloudEats is one of the strongest …and their unique approach to providing next-generation cloud kitchens is a perfect fit for the young and digital-savvy population of Southeast Asia,” said Field Pickering, head of venture investing at Vulpes Investment Management.
Founded by Kimberly Yao, and Iacopo Rovere, CloudEats owns and operates online-only restaurants under its multi-brand cloud kitchens.
“The food delivery market in SEA continues to experience explosive growth, allowing digitally native brands such as ours 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,” sais Yao, co-founder at CloudEats.