MANILA, Philippines – Philippine startup CloudEats raised $1.4 million or over P70 million in a seed funding round, paving the way for further expansion in the country and in Southeast Asia.
The investment – led by local family offices with stakes in real estate and food and beverage, as well as regional angel investors – comes as demand for digital transactions rise amid the coronavirus pandemic.
CloudEats is a cloud kitchen startup, which veers away from the traditional physical restaurant and banks on food deliveries.
The company said food products on its platform are 15% to 20% lower than other brands, as the cloud kitchen model is said to be more cost-efficient.
CloudEats is only on its 9th month of operations, yet boasts "very strong traction," reaching over 3,000 orders a day as of March.
CloudEats operates 5 cloud kitchens with 70 in-house restaurant brands. Offerings include chicken wings, healthy food, rice bowls, beverages, and local cuisines.
"We plan to build over 100 kitchens and offer our in-house brands in at least 4 countries within the next 2 years and be the leading online food group across Southeast Asia," said CloudEats co-founder and chief executive officer Kimberly Yao.
CloudEats earlier started a charity food drive for medical and local government frontliners who are fighting the COVID-19 pandemic. The company has provided over 60,000 meal donations for frontliners. – Rappler.com