RIYADH: Dubai-based cloud kitchen Kitopi has raised $415 million from a group of investors including SoftBank Group Corp.’s Vision Fund 2, boosting its value to over $1 billion.
Kitopi “has crossed the billion dollar valuation mark now,” CEO Mohamad Ballout said in an interview with Bloomberg, declining to give more specifics.
Other investors that joined SoftBank include Chimera, Turkey’s Dogus Group, California-based Next Play Capital, DisruptAD, Nordstar and B Riley, Ballout said in a statement.
Kitopi will make Saudi Arabia its Middle East headquarters while Dubai will remain a global head office as it looks to expand into Southeast Asia, he said.
Kitopi expects the Kingdom to account for the majority of the company’s business within 12 months, according to Ballout.
“We’re going to be putting around $200 million of capital in Saudi Arabia to build out our business there,” he said.