Kitchen United, a ghost kitchen and restaurant technology provider, has landed $100,000 million in its third round of funding, and new investors include Alimentation Couche-Tard/Circle K, The Kroger Co., Restaurant Brands International, B. Riley Venture Capital, a subsidiary of B. Riley Financial, Simon, Phillips Edison & Co and The HAVI Group, according to a company press release.
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, bringing the company’s total funds raised to nearly $175 million
“This Series C financing further solidifies Kitchen United’s leadership position in the industry,” Montagano said in the release. “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.”
Circle K’s CMO Kevin Lewis said he sees several commercial opportunities in partnering with Kitchen United as it scales.
“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,” he said in the release.
Kitchen United has nearly 200 operational kitchens across 20 regions and plans to increase its technological and physical footprint in the near term. The company has seen triple-digit growth for three consecutive years as its proprietary technology enables customers to order from multiple prepared food and consumer goods brands on the same ticket and with the same delivery driver, according to the release.
“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,” David Krane, CEO and managing partner of GV, said in the release. “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.”
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.