Grab Philippines co-founder joins $1.5m round in cloud kitchen company
As published by: Tech in Asia
Kraver’s Canteen, a cloud kitchen company based in the Philippines, has raised US$1.5 million in a funding round led by Foxmont Capital.
Others investors that joined the round include Lance Gokongwei, president and CEO of JG Summit Holdings; Brian Cu, co-founder of Grab Philippines; Paulo Campos III, co-founder of Zalora Philippines; and Christopher Po, chairman of Century Pacific.
Launched in 2020, Kraver’s Canteen builds cloud kitchens in the Philippines, where each site can serve about 10 to 30 brand concepts. The company works with brands including Tiger Sugar, Yogost, and Tonkatsu Maisen.
“The Philippines is at the precipice of a major digital evolution. A big part of that will be a change in the way that Filipinos consume food,” said Franco Varona, managing partner at Foxmont Capital Partners. “Cloud kitchens will soon be part of the natural fabric of the food and beverage industry.”
Kraver’s Canteen aims to build 100 kitchens across the Philippines, and it’s investing heavily in regional metro hubs like Cebu, Cagayan de Oro, Iloilo, and Davao. It will also develop smart kitchen technology and streamline kitchen operations to maximize output and reduce customer wait time.
The foodtech firm also works with chefs who have lost their jobs or day workers who have built a food business because of the Covid-19 pandemic. It expects recovery from the pandemic to begin as early as the fourth quarter of 2021, which could continue throughout 2022.
Over the coming months, the company is looking to roll out household brands including Taco Bell, Pizza Hut, Dairy Queen, Hawker Chan, Highlands Coffee, among 20 others.