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The Silicon Review Asia

Kitopi is looking forward to raise $200 million toenter the Asian region

Kitopi is looking forward to raise $200 million toenter the Asian region

Kitopi, a popular shared kitchen platform based in Dubai, has recently made an announcement that it is looking forward to raising capital worth $150 million to $200 million for its expansion plans in Asia. The latest fundraising will propel the unlisted company’s valuation to more than $1 billion. So far announcement is not public yet, and the company has hired the Bank of America to carry out the funding round. Kitopi shut down operations in the UK and the US last year due to the Covid pandemic. As of now, the company wants to foray into the Asian market following the funding rounds.

Since its inception, Kitopi has raised more than $117 million from popular investors like BECO Capital from Dubai and Lumia Capital from the US. Kitopi is headquartered in Dubai, and it is running more than 60 kitchens with close to 1500 people. The first ghost kitchen from Red Lobster was started last year in an attempt to be available to consumers who preferred to enjoy seafood from the comfort of their home. Kim Lopdrup, CEO of Kitopi, has stated that, even before the pandemic could happen, the company had tripled in sales, and furthermore, after Covid, the company was able to triple its sales again in just eight months.

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