Philippines-based Kraver’s Canteen, a cloud kitchen operator, raised US$3 million in a series A round led by Quest Ventures and joined by Foxmont Capital, Oak Drive Ventures, and Kaya Founders.
The funding comes after Kraver’s Canteen launched its new metaverse concept called Kra-Verse Food Hall, which allows users to order food from digital replicas of Kraver’s online brands. Six new brands, including ex-NBA star Dwyane Wade’s upcoming D Wade Burgers, were showcased in the virtual food hall.
Kraver’s Canteen constructs cloud kitchen facilities for delivery-only restaurants. The startup has so far partnered with the likes of Pizza Hut, Dairy Queen, and Tiger Sugar.
In 2021, the global cloud kitchen market hit an estimated US$56.7 billion in value and is expected to reach US$112.53 billion by 2027, if it grows at a compound annual growth rate of 11.50% from 2022 to 2027, according to a report from ResearchAndMarkets.
The investment marks Quest Ventures Asia Fund II’s first formal investment in the Philippines, according to a statement. Following the round, the fund’s founding partner Jeffrey Seah will take a seat on the cloud kitchen firm’s board.
Kraver’s Canteen is looking to expand its operations by building 100 kitchens by 2025, having recently opened their eleventh kitchen this year.
Article Source: https://www.techinasia.com/kravers-canteen-led-quest-ventures