Kitchen United, the Ghost Kitchen and Restaurant Hub Technology Pioneer, Announces $100M Series C Fundraise
25 Jul, 2022, 10:00 ET
Blue Chip Investors & Strategics, Founders, and CEO Bet on World-Class Proprietary Technology and Capital Efficient Growth to Drive Further Consolidation of the Ghost Kitchen Industry
PASADENA, Calif., July 25, 2022 /PRNewswire/ -- Kitchen United, ghost kitchen and restaurant hub technology pioneer, announced a $100M Series C fundraise, which includes some of the world's preeminent financial and strategic investors. Kitchen United welcomes new investors: Alimentation Couche-Tard / Circle K (TSX: ATD), The Kroger Co. (NYSE: KR), Restaurant Brands International (NYSE: QSR), B. Riley Venture Capital, a subsidiary of B. Riley Financial (NASDAQ: RILY), Simon (NYSE: SPG), Phillips Edison & Co (NASDAQ: PECO), and The HAVI Group. Additionally, strong participation continued from all existing institutional and strategic investors: GV, various funds managed by Fidelity Investments Canada ULC, RXR, DivcoWest, Cali Group, GoldenArc Capital, General Global Capital, and Rich Product Corporation. Lastly, Kitchen United founders, Harry Tsao and John Miller, Kitchen United CEO, Michael Montagano, and two-time NFL Super Bowl MVP Peyton Manning, made significant investments in the round. On completion of this round, the company's total raise to date reaches approximately $175M.
"This Series C financing further solidifies Kitchen United's leadership position in the industry," said Michael Montagano, Kitchen United's Chief Executive Officer and Board Member. "Kitchen United uniquely sits at the intersection of technology, food, and real estate. Our solution serves as the technological and physical infrastructure revolutionizing centrally located distribution hubs through streamlining off-premises ordering and consumption. To that end, we are thrilled to partner with leading investors across grocery, convenience, restaurants, malls, packaging, logistics, distribution, automation, and urban and suburban real estate development," says Montagano.
"We see many commercial opportunities in partnering with Kitchen United as it prepares for considerable scale. We believe this business stands apart from other industry players with its centralized locations, multi-format offerings, experienced management team, and mature technology stack — all of which align with Circle K's mission to make our customers' lives a little easier every day as we work together to shape the future of convenience," said Kevin Lewis, Chief Marketing Officer, Alimentation Couche-Tard.
"The rising trend of off-premises dining presents a major growth opportunity for the ghost kitchen sector, and Kitchen United is uniquely positioned for significant expansion in the years ahead," says David Krane, CEO and Managing Partner, GV. "We've long been impressed with Kitchen United's exceptional execution and unparalleled leadership in the sector. We're excited to continue partnering with Michael Montagano and the entire Kitchen United team as they open more kitchen centers across the country and reach more restaurants and consumers."
In the past two years, Kitchen United has unveiled multiple industry-leading initiatives, including collaborations in grocery with Kroger and at Simon properties nationwide.
Kitchen United currently has approximately 200 operational kitchens across 20 regions, powered by its industry-leading proprietary technology, with plans to significantly increase its technological and physical footprint in the near term. The company has seen triple-digit top-line growth for three consecutive years, all supported by industry-leading metrics. Kitchen United's proprietary technology enables customers to order from multiple prepared food and consumer goods brands on the same ticket and with the same delivery driver, all synchronized to maximize quality and payload, and minimize time and expense.
Kitchen United will continue its focus on Los Angeles, New York City, Chicago, and Texas as key markets with continued expansion throughout other US trade areas. Additionally, Kitchen United will be further evolving its industry-leading multi-concept ordering technology platform Kitchen United OS, for use by customers including Burger King, Popeyes, Chick-Fil-A., Portillo's, Panera Bread, Dog Haus, Wingstop, and Brinker International.
Founded in 2017, Kitchen United is a leading provider of restaurant hub technology, streamlined logistics and turn-key commercial kitchen space that empowers foodservice operators to tap into the growing off-premises business opportunity and offers consumers a first-of-its-kind to-go experience. The company offers a value-driven, low-risk way for emerging and established restaurant brands to enter into new markets, grow revenue through off-premises dining and expand delivery areas. For additional information, please visit: http://www.kitchenunited.com.
SOURCE Kitchen United
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