![]() “We will focus on getting to a higher density of kitchens, especially in Brazil, where we only just got there,” she added. Up next, Foodology will continue its expansion in Brazil, which Izquierdo said was 10x the size of the market in Colombia. Over in Manilla, MadEats grabbed $1.7 million in funding and Saltalk in the U.S. Just this year, for example, CloudEats raised a $7 million Series A extension to grow in Southeast Asia, while The Food Lab took in $4.5 million in pre-seed funding to provide cloud kitchen services in Egypt. Cloud kitchens concepts, also referred to as ghost kitchens, are gaining footholds all over the world, as well as investor attention. The global virtual kitchen market was valued at just over $43 billion in 2019 and is poised to grow to $71.4 billion by 2030, according to Statista figures. Meanwhile, monthly orders have doubled, as did its core brands, growing from four to eight, and include burritos, pizza and Chinese, Izquierdo said in an interview. In the last 12 months, Foodology expanded to 83 locations and is poised to be around 100 by the end of the year, Azuero told TechCrunch. Meanwhile, the debt was provided by TriplePoint Capital. And it’s back with $50 million in funding, which includes $20 million in equity and $30 million in debt.Įxisting investors Andreessen Horowitz, Wollef and Kayyak, along with new investors, like Chimera and Reggaeton icon Juan Luis Londoño, better known as “Maluma,” were among the new investors in the equity portion. ![]() Today, the company is also in Peru and Brazil, having launched in those markets in March. They saw an average of 100,000 orders per month in Colombia and had about 360 employees. When I spoke with the co-founders in 2021, they had just raised $15 million in Series A funding and were operating about 20 locations in Colombia and Mexico. Here, we have a lot of smaller players, especially in categories like traditional food.” ![]() “When you look at the restaurant industry, 85% of restaurants are independent units. “In this region, we have a very fragmented market,” Izquierdo told TechCrunch. They do this by collecting data on geography and what consumers like and then creating original dishes with delivery. Unlike other kitchen groups that bring in existing restaurants, Foodology specializes in creating brands from scratch, then operating and scaling them quickly to profitability. One of those was Foodology, a Colombia-based cloud kitchen and virtual restaurant company, co-founded by Daniela Izquierdo and Juan Guillermo Azuero in 2019. Cloud kitchens became popular during the global pandemic as a way for restaurants to reach their communities when people were not going out as much.
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