Colombian foodtech Foodology raised $50 million in a new round of financing. The company, which focuses on the development of “virtual restaurants” and so-called “cloud kitchens”, added new investors such as Chimera, an Abu Dhabi venture capital firm with $10 billion under management.
The company reported that, of the capital raised, $30 million will go to debt, and $20 million to equity. The round included the participation of previous investors, such as Andreessen Horowitz (a16z), Wollef and Kayyak ventures. Meanwhile, the debt was provided by Silicon Valley firm TriplePoint Venture Capital.
In this round, Foodology also recruited reggaeton icon Juan Luis Londoño, better known as “Maluma”, who is not only a reggaeton singer but also an entrepreneur and investor.
“In the past 12 months, Foodology has grown exponentially by expanding its operations into new countries and developing upcoming brands that will be trending in the region,” said Jeff Jordan, general partner at Andreessen Horowitz.
Foodology’s model aims to rapidly develop and scale original and third-party restaurant brands in Latin American markets in a matter of weeks. The company operates more than 80 kitchens in Colombia, Mexico, Brazil and Peru; it reports that it ships more than 200,000 orders per month.
“The model allows us to have a business that grows exponentially leveraged by state-of-the-art technology, and is also profitable. Because of this, and despite the state of the venture capital markets, our investors supported our vision,” said Daniela Izquierdo, co-founder of Foodology.
With this capital injection, they expect to close 2022 with 100 kitchens. Cofounders Daniela Izquierdo and Juan Guillermo Azuero started the company in 2019 with the aim to improve the food delivery customer experience. This round of funding comes almost one year after Foodology’s $15 million Series A.