HV Capital is a Munich- and Berlin-based venture capital firm that supports founders in developing their internet companies. Since 2000 HV Capital, formerly HV Holtzbrinck Ventures, has invested in Internet and technology companies through various generations of funds and is one of the most successful and financially strongest early-stage and growth investors in Europe. HV Capital has already invested in around 200 companies, including Zalando, Delivery Hero, FlixMobility and SumUp. The total of all HV Funds amounts to €1.7 billion. The company supports startups with capital between €500,000 and €50 million. This makes HV Capital one of the few venture capitalists in Europe that can finance startups through all growth phases.

HV Capital

Flixfounders

Felix Capital is a venture capital firm for the creative class, operating at the intersection of technology and creativity. Felix Capital focuses on digital lifestyle, investing in authentic brands, platforms and related enabling software technologies.  Felix Capital's mission is to support entrepreneurs with big ideas, to help them build strong category-leading companies that stand out and that move the world forward. The ambition to partner with the best entrepreneurs, the creative agents of change of digital lifestyle.

Felix Capital

LANCH

LANCH is a startup that provides a virtual kitchen and food delivery service.

<div>LANCH is a German startup that develops virtual food brands in partnership with celebrities. LANCH&rsquo;s brands are prepared by kitchens on its partner network and can be purchased using third-party delivery platforms.&nbsp;</div>

Defining the future of the restaurant business.

Cloud Kitchens

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 LANCH is a German startup that develops virtual food brands in partnership with celebrities. LANCH&rsquo;s brands are prepared by kitchens on its partner network and can be purchased using third-party delivery platforms.&nbsp;
 
 
 The company provides its restaurant partners support in setting up operations, ensuring quality standards, and sourcing ingredients. It also provides a digital platform for the management of the virtual brand.&nbsp;&nbsp;&nbsp;
 
 
 The company moved out of its stealth phase in May 2023 and, as of October 2023, operated across 70 locations in Germany, with plans to expand to 100 locations with the launch of Loco Chicken and to 500 locations by 2024. LANCH plans to expand operations to the UK, Spain, the Netherlands, and France.
 
 
 Key customers and partnerships
 
 
 LANCH offers a delivery-only pizza brand Happy Slice in partnership with the German Twitch streamers Knossi and Trymacs. It has plans to launch Loco Chicken, a chicken brand developed in partnership with rapper Luciano. It also plans to eventually launch virtual brands in partnership with creators from other countries.&nbsp;
 
 
 Funding and financials
 
 
 In 
 <a href="https://sp-edge.com/updates/23423">
 October 2023
 </a>
 , LANCH raised EUR 6.5 million (~USD 6.9 million) in a Series A round backed by Felix Capital and HV Capital to expand operations and business reach.
 
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 Amped Kitchens (formerly known as L.A. Prep) provides permit-ready, private commercial kitchen spaces for food manufacturers in the Chicago and Los Angeles markets. Each kitchen is rented to just one tenant, with options ranging from 150 square feet to 4,500 square feet. The offering includes commercial kitchens, commissary kitchens, CPG production kitchens, pilot production and test kitchens, gluten-free kitchens, and meal delivery kitchens.
 
 
 As of February 2022, Amped Kitchens had three fully-owned locations across Chicago, LA North, and LA South. The Chicago location is a former factory that has been converted into a multi-tenant food production space with 64 commercial kitchen units for rent. The LA North and LA South facilities each feature 62 food production spaces. The company’s tenants include 27 national, regional, and local food companies in consumer packaged goods and the retail and restaurant sector, including Beyond Meat, Halo Top, Applebee’s, and others.
 Amped Kitchens charges its tenants USD 1,850 per month for entry-level spaces, with costs growing based on the size of the space and in-room amenities.
 
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Amped Kitchens

<div>
 
 Sweetheart Kitchen is a Dubai-based independent cloud kitchen that owns and operates its own brands. As of February 2022, the company offered 21 cuisine-specific, quick-service food brands across the UAE and Kuwait.
 
 
 The company does not partner with third-party restaurants looking to outsource their delivery volumes but has linked up with third-party aggregators in the region such as Talabat, Zomato, and Carriage for delivery. 
 
 
 In February 2021, the company launched a loyalty program to provide customers with immediate ‘data-based’ rewards with a view to incentivizing specific behaviors such as increasing Average Order Value and frequency of purchase.
 
 
 In October 2020, the company raised USD 17.7 million in a Series C funding round led by Sweetheart Kitchen CEO Peter Schatzberg, with plans to dedicate the funds to launching additional brands and expansion in the UAE, Kuwait and Saudi Arabia. To date, the company has received total funding of USD 42.2 million. The company has not revealed any plans to expand to the US or European markets.
 
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Sweetheart Kitchen

<div>
 
 REEF Technology (formerly known as ParkJockey Global) is an operator of parking real estate and delivery kitchens in North America. The company transforms urban spaces into community hubs by setting up cloud kitchens, healthcare clinics, retail outlets, and other services in empty parking spaces.&nbsp;
 
 
 REEF kitchens is the company&rsquo;s turnkey expansion solution for restaurateurs. These are purpose-built commercial kitchens that prepare food ordered online for delivery and pick-up. Each kitchen prepares food for three to five restaurant brands, and REEF manages all operational requirements on behalf of restaurant owners including staffing and day-to-day kitchen management. REEF kitchens are connected to the neighborhood&rsquo;s most popular food delivery platforms and getREEF (the company&rsquo;s own delivery platform) via a proprietary delivery management technology. This enables each kitchen to organize and prepare orders for multiple brands. The kitchens operate under a license model as opposed to a flat fee.&nbsp;
 
 
 The company&rsquo;s brand portfolio includes food brands like Wow Bao, Wayback Burgers, Firenza, Saladworks, and Capriottis and is supplied by Collectiv Food and Crate to Plate. For delivery, the company has partnered with Grubhub, Deliveroo, Postmates, and UberEats.
 
 
 There were over 300 REEF kitchens across key markets in North America and Europe, including cities like Austin, Miami, Chicago, Houston, Portland, Toronto, Edmonton, and London. However, in January 2022, the company temporarily shut down a third of its locations (around 95 sites) due to underperformance and a number of operational challenges including labor shortages, high costs, incomplete permits, and difficulties connecting to utilities. In March 2023, Reef announced plans to discontinue operations of its unprofitable ghost kitchen facilities in a strategic move that focuses on profitability. The company instead planned to increase its focus on licensing its technology to venues such as airports and stadiums.&nbsp;
 
 
 Key customers and partnerships
 
 
 In December 2021, REEF acquired 2ndKitchen, a US-based virtual kitchen for hotels, offices, buildings, and other hospitality companies. 2ndKitchen&rsquo;s existing business will be combined with REEF's brand and will operate under its hospitality division. In November 2021, the company announced the acquisition of iKcon Restaurant LLC, a Dubai-based cloud kitchen operator, marking its first major transaction in the MENA market.&nbsp;
 
 
 REEF also strengthens its reach and customer base through partnerships with other players in the broader cloud kitchen ecosystem including Creating Culinary Communities (C3) and JustKitchen. REEF currently carries C3 brands in its cloud kitchens, and has a partnership with JustKitchen to launch its &ldquo;Another Wing&rdquo; brand in South-East Asia. In July 2022 Reef partnered with HUBB Kitchens, a North Carolina-based cloud kitchen facility provider to open a virtual food hall in the Raleigh-Durham International Airport in North Carolina.&nbsp;
 
 
 In March 2022, the company announced a partnership with the fast-casual Mexican restaurant QDOBA to launch 25 pilot locations in Seattle, Austin, and Atlanta. In August 2021, the company partnered with the American fast food chain Wendy&rsquo;s to open 700 delivery Kitchens across the US, Canada, and the UK by 2025. In May 2023, the two companies announced plans to close down all Wendy&rsquo;s cloud kitchen locations in the US. In March 2022, the company launched its first fine-dining collaboration with The One Group for its upscale concepts STK, Kona Grill and Bao Yum.
 
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REEF Technology

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 Combo Kitchen is a Miami-based cloud kitchen partner that connects restaurant brands to franchisees, enabling food entrepreneurs to select and prepare established delivery-only food brands. Combo Kitchen was founded by Hossein Kasmai, the CEO and founder of Franchise Creator Inc., a Miami-based franchise consulting firm.
 
 
 Restaurant owners are invited to join the Combo Kitchen network of concepts, with the intention of expanding their footprint in new markets, growing brand awareness, and increasing foot traffic to key locations. As of February 2022, Combo Kitchen’s network included 28 restaurant brands, including Saladworks, Memphis Wings, Ramen Lab, and Poke Sushi Bowl. With restaurant partners, Combo Kitchen acts as a support team, freeing restaurateurs to only focus on training franchisees in menu preparation. 
 
 
 For franchisees (often independent restaurants, bakeries, and cafes with their own kitchen spaces), Combo Kitchen provides support with location scouting, kitchen design and construction, advertising, and POS integrations. By incorporating multiple brands, franchisees are able to grow revenues while leveraging the same kitchen infrastructure. In turn, franchisees submit a one-time entrance fee to join the Combo Kitchen network and pay royalties to Combo Kitchen and the owners of the concepts in exchange for the rights to operate multiple brands in one kitchen. 
 
 
 The company has partnered with major third-party food delivery providers such as UberEats, GrubHub, and DoorDash. 
 
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Combo Kitchen

<div>
 
 Crave Hospitality Group is an independent cloud kitchen operator that provides delivery-only restaurant brands. The company&rsquo;s virtual brands include The Flying Rooster, Madre's Flatbread, Big Reds Burgers &amp; Grill, Brownstone Pizza, The Red Crane, and The Twisted Cactus. &nbsp;
 
 
 The company was initially known for its food delivery company (&ldquo;Crave Delivery&rdquo;) before it decided to change its business model by launching into cloud kitchens (&ldquo;Crave Collective&rdquo;) in November 2020. As of September 2023, the company operates 4 kitchen locations.&nbsp;
 
 
 The company&rsquo;s business is powered by its own proprietary software (&ldquo;Crave Technology&rdquo;) for multi-brand management, restaurant point-of-sale, kiosk and mobile ordering as well as operational support, driver logistics, and analytics. Crave Technology can also be licensed by national and regional restaurant groups looking for an opportunity to scale.
 
 
 Unlike other cloud operations, Crave does not partner with third-party delivery companies and instead employs its own staff to undertake delivery. The company also employs a large crew of mobile servers to engage with customers during pick-up, as well as customer service reps who answer phone calls. Crave conducts regular surveys on menu preferences and pricing, adjusting recipes and approaches in line with customer insights.
 
 
 In July 2021, the company estimated that its Boise location was generating USD 500,000 in monthly revenues.
 
 
 Since 2019, the company has received 4 rounds of funding amounting to USD 16.5 million. The latest round was in July 2021 when the company raised USD 3.3 million in seed funding. Prior to that, in March 2021, the company raised USD 4.9 million in a seed round led by early-stage investment fund StageDotO Ventures. Crave has leveraged these infusions for the expansion of its cloud kitchen operations and its licensing initiative for Crave Technology.
 
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Crave Hospitality Group

Some companies provide B2B SaaS solutions for restaurants to manage their cloud kitchen orders

Players in this segment focus on creating virtual restaurant concepts or digital food brands, usually chef-created or celebrity-inspired, for licensing or franchising by third-party kitchens. These companies do not usually have their own kitchen facilities but partner with restaurant franchisees that prepare the meals using underutilized space in their existing kitchens.

LANCH

Cloud Kitchens

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