The startup is only one year old.
Philippine cloud kitchen startup Kraver’s Canteen has secured $1.5 million (P72.7 million) in its latest round of seed funding, becoming a leading figure in the emerging cloud kitchen ecosystem. The funding round was led by Foxmont Capital Partners, a Philippine venture capital fund that’s invested in Kumu, Etaily, Podcast Network Asia, Edukasyon, Booky, and other homegrown Filipino startups.
Also participating in the funding round were Lance Gokongwei, chairman of JG Summit; Brian Cu, co-founder of Grab PH and board member of Cebu Pacific; Paolo Campos III, CEO and co-founder of Zalora; Christopher Po, chairman of Century Pacific; and George Pua, president of Rico’s Lechon.
“We’re honored to partner with such industry titans, and are confident that our ability to grow has increased more than a hundred-fold with their experience and support on our side,” said co-founder Victor Lim, who previously worked at Zalora and Coins.ph.
Lim founded Kraver’s Canteen in 2020 with Eric Dee, president of Foodee Global Concepts, and Victor Mapua, founder of PTC Group of Companies. Kraver’s is a product of its time, borne from the demand for quality delivery food during the height of 2020’s lockdown.
“The Philippines is at the precipice of a major digital evolution. A big part of that will be a change in the way that Filipinos consume food,” said Franco Varona, managing partner at Foxmont. “Cloud kitchens will soon be part of the natural fabric of the F&B industry, and we believe Kraver’s is the right startup to lead the way in the Philippines. The Kraver’s team has the right expertise, knowledge, and overall skill set to elevate the dining experience in the country and beyond.”
A One-Year-Old Startup
In just one year, the startup has gained a loyal following and a diverse portfolio of brands, including Tiger Sugar, Kyoto Sushi Bake, Burger Jack, El Nacho Libre, Yogost, Sheikh’s Kebab, Black Kimchi, and more.
As a cloud kitchen, also called ghost kitchens and dark kitchens, Kraver’s Canteen operates on a business model that cuts out the front-of-the-house to save on costs, reduces risks in the testing market, and grows the digital footprint. And as a delivery-only, back-of-the-house operation, one cloud kitchen under Kraver’s Canteen can serve anywhere from 10 to 30 brands under one roof.
The startup partner-brands fall into two categories, the first being online-only concepts developed by a new class of food entrepreneurs, many of whom are chefs who were laid off or day-workers who built a food business on the side. These include brands like Kyoto Sushi Bake, Burger Jack, Sheikh’s Kebab, Tokyo Don, Wing Dings, Breakfast for Two, Cloud Shakes & Cakes, and Black Kimchi.
PBA legend Joe Devance’s Tex-Mex food concept El Nacho Libre is also included among Kraver’s ranks.
The second category comprises established brick-and-mortar brands that are looking to pivot and grow their online reach. These include Tiger Sugar, Yogost, and Tonkatsu Maisen (by Bench Group). Upcoming launches for Kraver’s Canteen include 20 major brands, including Taco Bell, Pizza Hut, Dairy Queen, Hawker Chan, Highlands Coffee, and more.
With its sizable seed funding from Foxmont and other investors, Kraver’s aims to build 100 cloud kitchens across the Philippines as it plans to expand to metropolis hubs like Cebu, Cagayan de Oro, Iloilo, and Davao. It will also develop smart kitchen tech to streamline operations and invest in the delivery experience to ensure quality.
Kraver’s brands are available on Grab, Foodpanda, GCash via GLife, and the Kraver’s Canteen website. Coupon alert: Use KRAVINGSATISFIED to get 15 percent off your first order.
Source: https://www.esquiremag.ph/money/capital/startup-kravers-canteen-seed-funding-a00304-20210415