Sweetheart Kitchen raises $17.7 million to launch five additional brands and drive expansion
Sweetheart Kitchen announced that it has raised $17.7 million (€15m) in Series C funding.
The round, backed by strategic investors and led by Sweetheart Kitchen CEO Peter Schatzberg, will fuel the company’s efforts to leverage the best technologies and optimise its food delivery supply chain.
“We invest most of our funding into supply chain technology, food design and hiring talent,” says Schatzberg. “This will continue into 2021, as we’re just fifteen months old and are still perfecting our business model. Scaling units is certainly one important objective for us, but we are also investing in streamlining our processes and systems to achieve profitability. We look forward to even more milestones in this next stage of the company’s growth.”
Having previously raised €21 million and launched 30 brands, the company is building on its early market success and plans to dedicate the funds from the new round to launch five additional brands, and have 12 units live in the UAE and seven units live in Kuwait by Q1, 2021 with more expansion in the pipeline into Saudi Arabia in the second half of 2021.
“Each of our new brands brings innovative cuisines to the market and we are excited to see how our customers respond,” says Adib Samara, VP Head of Marketing at Sweetheart Kitchen.
“We’re excited to relaunch in Kuwait after the pandemic lockdown measures prevented us from scaling earlier this year. It’s a great market for delivery where product innovation is valued by the consumer. We plan on re-opening in January with 7 kitchens and on covering over 75% of Kuwait by the end of Q2-2021 with our new brands.”