News Formal

Karma Kitchen raises $318 million for rentable kitchens - Business Insider

  • 📰 BusinessInsider
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

Cloud kitchen startup Karma Kitchen raises $318 million for expansion as food delivery explodes during the pandemic

Now, investors are also pouring cash into the startups offering the necessary infrastructure for delivery-only food businesses.

"Instead of raising money down the line from a VC [venture capitalist] to invest in the capex [capital expenditure] and the fit-out of the sites, we chose to partner with a real estate group who specialize in industrial real estate acquisitions," said Eccie Newton. The current plan is to open more sites in the UK this year, in locations like Dublin and Glasgow as well as London, and from next year they hope to expand into the rest of Europe.Karma KitchenNow Karma is seeing even greater demand for its services as restaurants that were forced to shut their doors pivoted to food delivery.

Karma's main competition is a rival cloud kitchen startup run by former Uber CEO Travis Kalanick. His firm, City Storage Systems, acquired UK-based FoodStars in 2019 and also owns US-based CloudKitchens.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 729. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Inside the downfall of Civilized, the cannabis media startup - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »

Airbus A220 private jet design concept; $91.5 million plane - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Can’t wait to buy one 😂 Exactly my thought...🤔😂
Source: BusinessInsider - 🏆 729. / 51 Read more »

How to use Instagram's shop tab to market your business and make sales - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »