The Cloud has secured $10 million in funding led by Middle East Venture Partners (MEVP) and Olayan Financing Company (the Middle East investment arm of The Olayan Group) with participation from Rua Growth Fund.
The successful Series A funding follows an initial pre-seed round at the end of 2019, which was led by Elēkrŏn Ventures and a subsequent seed round at the end of 2020, which was led by MEVP. The new funding round, led by a consortium of venture investors, will allow The Cloud to continue its expansion in GCC and Europe. The investment also provides bandwidth for the company to increase and accelerate the development of its AI-powered kitchen matching platform.
George Karam, Co-Founder & CEO, The Cloud, said: “The Cloud completely reimagines what a restaurant is and how it achieves scalability in the digital economy, which is why I am so delighted that our Series A funding raised $10 million in such a short space of time. We will utilize this funding to expand into KSA, make an even bigger impact on restaurant owners, and further bolster our talent and infrastructure. I am grateful to work with MEVP, Olayan Financing Company, and Rua Growth Fund, and I’m looking forward to expanding The Cloud’s market leadership in the cloud kitchen, virtual restaurant, and online food ordering segments and growing the brand regionally and globally, delivering strong returns for our investors.”
Ankit Sarwahi, Managing Director, Middle East Venture Partners (MEVP), said: “The Cloud is another step towards the future of food. They are truly collaborative in approach and operate adroitly at the delicate intersection of restaurant owners, aggregators and food connoisseurs. This unique positioning is central to our investment in The Cloud.”
