The Kraver’s Group has secured $3 million in Series A funding. Best known for its cloud kitchen startup Kraver’s Canteen which runs 11 cloud kitchens in the Philippines. The two-year-old startup’s Series A funding round was led by Quest Ventures Asia Fund II as its first investment in the Philippines. Quest Ventures has invested in famous startups such as Carousell and Shopback, with support from Temasek’s Pavilion Capital.
Kraver’s Canteen is Quest Ventures’ third cloud kitchen investment in the region, having previously invested in Indonesian cloud kitchen operator Yummy Corp.
Founded in 2020, Kraver’s Canteen is led by its Head of Tech and Operations Victor Lim along with Head of Food and Product, Eric Dee, as well as Victor Mapua, Head of Infrastructure and Finance. Kraver’s Canteen raised $1.5 million in April 2021 during its Seed funding round.
Cloud kitchens focus their efforts on the experience of delivery, which reduces costs for food brands. Cloud kitchens gained interest when on-site dining at restaurants shut down during the pandemic.
Kraver’s technology provides high-end meal experiences for its customers by allowing them to heat food without using a microwave. Moreover, Kraver has a metaverse experience–Kra-Verse Food Hall–to make the ordering experience fun for their customers. An online brand known as Krave is featured on the Kra-verse Food Hall, allowing it to address food trends quickly due to its ability to add and remove items rapidly as a cloud kitchen. Kraver plans to incorporate this technology into many different brands.
“The three Kraver’s founders have demonstrated a granular-level understanding of the cloud kitchen business and its ancillary domains; their unique backgrounds and experiences have added management bench diversity, making them even stronger when they come together.” Said Jeffrey Seah, Founding Partner of Quest Ventures Asia Fund II.
Investors include Foodee, Lance Gokongwei (Chairman at Robinsons Group and Chief executive of Philippine conglomerate JG Summit), Christopher Po (chairman of canned food giant Century Pacific), and George Pua (president of F&B operator Meat Concepts).
Other early investors are Kaya Founders (a Philippine venture builder), early-stage venture firm Foxmont Capital, Brain Cu (who helped to set up Grab and Zalora in the Philippines), and Paulo Campos III (who also helped to set up Zalora Philippines).
Jeffrey Seah will now be joining the Kraver’s Group’s board of directors Quest Ventures’ participation in the Series A funding. Kraver plans to speed up product innovation and expand its reach by building more cloud kitchens (up to 100) by 2025.
Article Source: https://technode.global/2022/05/05/philippine-cloud-kitchen-firm-kravers-canteen-secures-3m-series-a-led-by-quest-ventures/