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RPT-UPDATE 1-Dubai cloud kitchen Kitopi raises $415 mln from investors including SoftBank

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DUBAI, July 1 (Reuters) - Dubai cloud kitchen Kitopi said on Thursday it raised $415 million from investors including SoftBank in its series C funding round.

Cloud kitchens prepare food for delivery and have benefited from the shift to online buying during the coronavirus crisis.

Kitopi said other investors who participated included Abu Dhabi investment firm Chimera, Abu Dhabi state holding firm ADQ’s venture capital platform DisruptAD, B.Riley, Turkey’s Dogus Group, U.S. firm Next Play Capital and UK firm Nordstar.

“Kitopi will channel the new funding to fuel its continued expansion within the Middle East and support entry to new markets such as Southeast Asia, which has a highly attractive and fast growing online food delivery market,” Kitopi said in a statement.

Reuters first reported that SoftBank’s Vision Fund 2 was in talks to invest in Kitopi and put forward a proposal to lead an investment of about $400 million in the company.

The deal is the fund’s first investment into a United Arab Emirates registered company, the statement said.

SoftBank’s Vision Fund 2, which has targeted $108 billion in fundraising, was seeded with $38 billion from SoftBank’s own funds.

Reporting by Hadeel Al Sayegh and Saeed Azhar; editing by Jason Neely and David Evans

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