Philippine cloud kitchen firm scoops up $3m in series A money - Kraver's Canteen

Philippine cloud kitchen firm scoops up $3m in series A money

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.

Kraver’s Canteen was founded by Eric Thomas Dee, Victor Lim, and Victor Mapua in 2020. To date, the company has raised US$4.5 million in total.

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.

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Article Source: https://www.techinasia.com/kravers-canteen-led-quest-ventures