Foodology, the Colombian cloud-based cooking and virtual restaurant group, announced a US$17 million financing. This round included pre-existing investors such as Andreessen Horowitz (a16z) and Chimera, and new investors such as 30N Ventures, a Chile-based VC focused on exceptional founders in emerging markets.
Fundada por Daniela Izquierdo y Juan Guillermo Azuero, Foodlogy has raised a total of US$69.5 millon in funding over 5 rounds.
Salvador Said, Managing Partner of 30N Ventures, said in a statement:
“We are incredibly excited to be part of the growth story of Foodology, a company that is redefining the way we interact with gastronomy in LatAm. The passion and dedication that Foodology has shown so far is truly inspiring.
Foodology’s model focuses on rapidly developing and scaling original and third-party restaurant brands in multiple Latin American markets.
The company has more than 85 cloud kitchens operating in Colombia, Mexico, Brazil and Peru and delivers more than 300,000 orders per month.
With the new capital injection, the company plans to establish a leadership position in Brazil by replicating its success in Colombia and Mexico.
Foodology joined the Endeavor Colombia network in 2022, becoming part of a portfolio that includes brands such as Rappi, Addi, COO of Ubits, Mercado Libre, Kavak, Ebanx, CookUnity, and Kitopi, among others. It currently operates in Mexico, Brazil, Colombia, and Peru.
In 2022, online food delivery services in Latin America generated revenues of $6.13 billion, an increase of over $700 million compared to the previous year. Predictions also indicate that by 2027, the figure will reach $8.8 billion, and it is expected to grow at a robust CAGR of 9.80% during 2023-2028.
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Why is it relevant for LatAm VCs?
- The online food delivery services sector in Latin America is experiencing significant growth.
- Foodology’s model is innovative, focusing on the development and scalability of other restaurant brands in diverse Latin American markets, which has allowed them to stand out in the industry and attract investor interest.
- The participation of investors such as Andreessen Horowitz and the addition of 30N Ventures instills confidence and can serve as a catalyst for considering the sector as an investment opportunity for venture capitalists.
With information from: Foodology