Dubai-based billow kitchen aggregation Sweetheart Kitchen said it affairs to use funds from its afresh assured Series C annular to aggrandize its brands and ability in the arena in accession to advance in technology and talent.
The 15-month old aggregation had aloft €15 actor ($17.7 million) in Series C allotment backed by “strategic investors” afterwards adopting a absolute of €21 actor ($25 million) in antecedent Series A and B rounds.
Sweetheart Kitchen said in a account that it affairs to use the funds from the new annular to barrage bristles new brands, in accession to the 30 in its stable.
It said the aggregation is targeting to accept 12 units alive in the UAE by the aboriginal division of 2021 and access Saudi Arabia in the additional bisected of 2021.
The funds will additionally be acclimated to relaunch its Kuwait operations that were impacted by the communicable lockdowns in the Gulf state.
“We plan on re-opening in January with seven kitchens and on accoutrement over 75 percent of Kuwait by the end of additional division of 2021 with our new brands,” the account said, commendation VP All-around Brand & Marketing Adib Samara.
CEO Peter Schatzberg said the aggregation would abide to advance in accumulation alternation technology, aliment architecture and hiring aptitude into 2021.
In April, Schatzberg had told Zawya that the aggregation was targeting 12-15 units in the UAE and 10-12 in Kuwait in 2020.
The all-around billow kitchen bazaar admeasurement was admired at $43.1 billion in 2019 and is estimated to ability $71.4 billion by 2027 with a CAGR of 12 percent from 2021 to 2027, according to Allied Bazaar Research.
(Writing by Anoop Menon; alteration by Daniel Luiz)
Disclaimer: This commodity is provided for advisory purposes only. The agreeable does not accommodate tax, acknowledged or advance admonition or assessment apropos the suitability, amount or advantage of any accurate security, portfolio or advance strategy. Read our abounding abnegation action here.
© ZAWYA 2020
8 Top Image Kitchen Design Plan – Kitchen Design Plan
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