Curb raises 20Mn euros to expand presence beyond the Nordics

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Curb, a Sweden-based dark kitchen startup, has reportedly secured 20 million euros in the latest funding round to expand its presence in other regional markets, beyond the Nordics.

The funding round was headed by Point72 Ventures along with EQT Ventures giving down cash valuation in the startup again. For the record, the company had already raised 3.2 million euros earlier. The firm was founded just over a year ago with operations in Demark and Sweden to build food brands through its network of dark stores for delivery.

The recent financing round comes amid the expanding investor curiosity in dark kitchen and follows a similar huge investment in another dark kitchen newcomer with Taster bagging $37 million April. Apart from this, Curb is also planning to invest the capital raised in further product development and making use of data in augmenting the efficacy of its kitchen.

Speaking on the fundraise, Carl Tengberg, Chief Executive of Curb quoted that with participation in the growth of food delivery, the firm is thrilled to explore the effect technology can have on production and content side.

Carl mentioned that the organization has spent last one year in pushing the boundaries and stress-testing traditional wisdoms with the final goal of understanding how to create a scalable model well positioned for the demands of future.

Commenting on the expansion plans, Tengberg added that the team has one kitchen in December and now it has expanded its presence across two markets with four kitchens in Denmark and Sweden, with much more to be expected in the foreseeable future. Additionally, with the new funding, the company plans to extend its operations outside Scandinavia.

On the other hand, Point72 Ventures’ Managing Partner, Sri Chandrasekar stated that the agency believes that the technology by Curb is likely to transform the restaurant industry in the next decade. Besides, Carl and Felipe’s (Cofounder of Curb) vision has impressed Point72 and they believe that firm has the ability to shape the future of food tech.

Source Credit: https://www.forbes.com/sites/jonathankeane/2021/06/07/swedens-curb-secures-20-million-to-expand-dark-kitchens-beyond-the-nordics/?sh=6ec7d121bdfd