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The Dubai-based cloud kitchen company Kitopi has crossed $1 billion in valuation, its CEO has said
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Its valuation went up after it had successfully raised more than $400 million in fundraising
Kitopi, the Dubai-based cloud kitchen company, has seen its valuation go through the roof, crossing one $1 billion, after having raised $415 million from a group of investors including SoftBank Group Corporation’s Vision Fund 2.
Kitopi “has crossed the billion dollar valuation mark now,” CEO Mohamad Ballout said in an interview with Bloomberg, declining to give more specifics.
Other investors that joined SoftBank include Chimera, Turkey’s Dogus Group, California-based Next Play Capital, DisruptAD, Nordstar and B Riley, Ballout said in a statement.
Kitopi will make Saudi Arabia its Middle East headquarters while Dubai will remain a global head office as it looks to expand into Southeast Asia, he said. Kitopi expects the kingdom to account for the majority of the company’s business within 12 months, according to Ballout.
“We’re going to be putting around $200 million of capital in Saudi Arabia to build out our business there,” he said.