UAE – Mubasher: The Cloud, a Hub71 food tech startup in the UAE, has closed its $12 million Series B funding round, which is the first of a total of $30 million it is raising.
Having initially secured $10 million in Series A funding, this round brings The Cloud’s total funds raised to $22 million.
Led by MENA Moonshots, the funding round was coupled with the strategic acquisition of the UK-based food tech startup KBOX, according to a press release.
In line with its plans to reinforce its business, the startup’s acquisition of KBOX strategically expands its footprint by 200 locations in the UK.
It also seeks to scale up its footprint across the UK and other GCC and European markets, such as Saudi Arabia, Lithuania, Belgium, and the Netherlands.
Georges Karam, CEO of The Cloud, said: “Having raised a total of $22 million, we are now focused on enhancing our market presence in the UAE and beyond.”
“Looking forward, we continue to actively eye more strategic acquisitions while also seeking to raise further capital,” Karam continued.
The Cloud is operating in seven countries and 91 cities, with plans to reach 8,000 locations by the end of 2027. The company is on track for a dual listing in Abu Dhabi and Riyadh, marking a new era of growth for the virtual chain in the EMEA region.
