Toronto-based virtual food hall Kitchen Hub has collected C$9 million in follow-on financing. The round, which brings total funding to C$10 million, was led by Proficio Capital Partners, Harlo Equity Partners, PIK Investments LLC and QSR Group, with participation from existing investors. Kitchen Hub provides restaurants with technology, services and kitchen facilities to support takeout activity.
TORONTO, Dec. 6, 2021 /CNW/ – Kitchen Hub, Canada’s first virtual food hall, today announced it has secured $9M (CAD) in funding from top-tier investors led by Proficio Capital Partners, Harlo Equity Partners, PIK Investments LLC and QSR Group Inc. The round also saw participation from existing investors, as well as leading entrepreneurs and innovators across the culinary, hospitality and real estate industries, bringing the total capital raised to-date to $10M.
With the new capital, Kitchen Hub will open five new locations in 2022 with plans for 50 locations across Canada in the next five years. The funding will also support the addition of top tier restaurant partners; support existing partner growth and further develop proprietary technology, which includes a fully integrated suite of products that power the success of restaurant partners along with a multi-brand ordering website. Kitchen Hub is building a world class team, adding top restaurant, real estate and technology talent to continue its mission of revolutionizing the takeout industry in Canada.
Kitchen Hub offers takeout from Toronto’s hottest restaurants like Pai and Piano Piano — all in one order. The company’s first location launched in January 2020, with five more opening in 2022, including a flagship location which will contain 13 kitchens and retail space. The business model gives surrounding neighbourhoods access to top restaurants previously unavailable to them for takeout — the fastest growing area of the restaurant industry, which is anticipated to continue post-pandemic. The concept also provides restaurant partners with a viable business model for takeout by providing infrastructure and services to expand with low overhead costs while doing what they love: cooking great food.
“With this injection of capital, we plan to double the size of our team as a first step to opening more locations and engaging exciting new brand partners,” said Adam Armeland, CEO of Kitchen Hub. “Kitchen Hub prioritizes community, operational excellence and innovation — a culture that has greatly contributed to our position as leaders in an industry experiencing major transformation.”
“The pandemic has resulted in tremendous innovation and growth in the takeout landscape — with virtual food hall’s becoming a fixture across North America,” said Matthew Wosk, CEO of Proficio Capital Partners. “We’ve seen this business model skyrocket in the United States and with Kitchen Hub being an industry leader in Canada, we saw an opportunity to help them expand quickly.”
“Kitchen Hub is an amenity that enlivens community hubs, industrial nodes and suburban office campuses,” said Mat Abramsky, CFO and Co-Founder of Kitchen Hub. “This new capital will allow us to work with many more landlord partners across Canada to expand our footprint and feed our neighbours.”
ABOUT KITCHEN HUB FOOD HALL
Kitchen Hub, Canada’s first virtual food hall, is revolutionizing the takeout industry. Kitchen Hub provides restaurants with technology, services and kitchen facilities optimized for takeout, enabling them to expand with low costs while doing what they love — cooking great food! With two locations in the GTA and five more opening in 2022, including a flagship location, customers can order from the city’s best restaurants, each individually or from a combined menu — all in one delivery or pick-up. Order now at kitchenhub.com.