Philippines-based cloud restaurant company CloudEats has secured $7m in a funding round to further expand its presence in the Asian market.

The funding round was led by UK-based venture firm Nordstar.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Headquartered in Manila, CloudEats currently operates cloud kitchens in the Philippines and Vietnam that offer brands such as Burger Beast, 24/7 Eats and Sulit Chicken, TechNode Global reported.

Nordstar Principal Kimberley Ong was quoted by TechCrunch as saying: “As a global investor in the cloud kitchen space, we are capturing the white space in Southeast Asia’s food delivery market through our investment in CloudEats.

“CloudEats generates the best brand and kitchen-level economics that we have seen in the market, and this is all due to not only the company’s sophisticated technology and operations backbone but also the team’s unique data and partnership-driven approach to brand building.”

The newly-raised funds will be used to further increase the brand’s footprint in other markets, including Malaysia, Thailand and Indonesia by 2023, reported altcoinbeacon.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The funds will also be used to develop CloudEats’ celebrity brands, such as Pia’s Kitchen and Healthy Appetite.

With the latest capital infusion, the cloud restaurant company also intends to increase its kitchen technology, bolster its development team’s capabilities, and hire more talent in brand and marketing.

CloudEats co-founder Kimberly Yao was quoted by TechCrunch as saying: “The massive growth of our Vietnam business over the last two quarters is highly encouraging. We are taking the best practices along with key learnings to our next market launch.”

The company has reportedly raised $14m so far.

Last November, CloudEats raised $5m in funding from a venture capital firm backed by Alibaba, reported TechInAsia.