The Cloud Kitchen Unicorn Named Kitopi

Kitopi is a household name these days in the Cloud Kitchen business. This summer, Kitopi officially became the first FoodTech unicorn in the region when it successfully raised US $415 million in a series C led by SoftBank’s Vision Fund 2. It also became the region’s fastest start-up to reach unicorn status to date, in just three years. Though details of the valuation are undisclosed, a Bloomberg report officially noted that Kitopi had crossed the US $1 billion valuation mark. Mohamad Ballout, Co-Founder and CEO of Kitopi said, “I think that with SoftBank coming in here, we’re the first of probably many more investments they’re going to do, and other great investors coming in as well. It’s also great to see sovereign wealth funds jumping in to back homegrown concepts. You don’t see a lot of that