U.S. Markets closed

Cloud Kitchen Platform Kitopi Plans US Expansion After Raising $60M

Jayson Derrick

Ghost kitchen company Kitopi plans on expanding across the U.S. after closing a Series B round of funding totaling $60 million, Nation's Restaurant News reported.

Kitopi, short for Kitchen Operation Innovation, is a Kitchen as a Service (KaaS) platform that offers existing restaurants new space optimized for delivery-only service. The company operates 30 kitchens across the world and two locations in New York.

Kitopi is also backed by its own in-house suite of applications which it calls a Smart Kitchen Operating System, or SKOS. The platform "optimizes all aspects of kitchen operations in real-time to maximize efficiency and increase utilization."

See Also: Restaurant Business Dishes Out What To Look Out For In 2020

Why It's Important

Lumia Capital, a private equity firm who took part in the financing round, told NRN Kitopi built an "innovative product that is capable of constantly adapting itself to suit customer needs while also being scalable."

"Kitopi has demonstrated its ability to differentiate itself from others in an increasingly crowded space by collaborating closely with restaurants to achieve one common objective," the statement also read.

The recent cash raise will allow the open 50 new locations in the U.S. and 100 globally by the end of the year.

0

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.