Kbox Global has raises £12 million to fuel its expansion plans as it aims to further disrupt the market via its host kitchen technology.
The investment from venture capital firm, Balderton Capital, will be used to accelerate the company’s UK growth plans as well as support planned international expansion and the establishment of a US base early next year.
The Kbox model utilises capacity in existing commercial kitchens. The company says its technology and menu portfolio mean kitchen owners can establish an agile new revenue stream, that reflects the demographics and taste trends of their area, within days, for no upfront fee or additional investment in bricks and mortar.
The company has seen exponential growth in the last quarter since it secured seed funding of £5m from Hoxton Ventures earlier this year.
With kitchens in London, Manchester, Liverpool, Glasgow, Edinburgh, and Brighton, Kbox is on course for 2,000 operational kitchens in the UK before the end of 2021.
An international rollout of the model is also underway with franchise agreements in Australia and India already signed and launching this month with a further 8 countries to be launched next year.
The food delivery market has grown 40% in five years in the UK and shows no sign of slowing down in the wake of the pandemic.
“These are challenging times for anyone working in hospitality and income diversification is a powerful tool to boost revenues. I’m thrilled that venues from pubs, restaurants and hotels to casinos and supermarkets are embracing the delivery first era, by firing up their kitchens with Kbox,” said Salima Vellani, Kbox founder and CEO.
“To have Balderton’s backing means we can respond to the global demand for a shakeup of the old economics, for the benefit of food providers, commercial kitchen owners and consumers.”
Daniel Waterhouse, Partner at Balderton Capital, added: “Salima and the team have joined the dots between rapidly increasing consumer demand for delivery meals, ever-changing food preferences and under-utilised kitchen assets in a challenged hospitality sector.
“They have melded software and data science into a next-generation franchising model that can be deployed quickly to thousands of kitchens around the world. We are delighted to be joining them on this journey.”