After raising $415 million from a group of investors led by SoftBank Group Corp.’s Vision Fund 2, Dubai-based startup Kitopi has skyrocketed to unicorn status, with the company’s valuation exceeding $1 billion.
Following news of the startup’s fundraising success, Kitopi Chief Executive Officer Mohamad Ballout explained in an interview that, “We now have enough capital to really fuel the growth of our business in the Middle East and to expand globally.”
The newly acquired funds will largely contribute to the company’s ongoing expansion into Saudi Arabia, along with planned expansions into numerous other countries as well. While Dubai will continue to run as Kitopi’s global head office, the company is aiming to make Saudi Arabia its Middle East headquarters.
The fundraising round is one of the largest in history for any Middle Eastern technology company. In addition to SoftBank, other major investors who participated in the latest fundraising efforts include California-based Next Play Capital, Turkey’s Dogus Group, B Riley, and Chimera.
Cloud kitchens such as Kitopi have experienced a global demand surge since the outbreak of the coronavirus pandemic. This is a concept whereby a remote kitchen handles all of the food delivery processes for numerous restaurant franchises in the food delivery space.
