UAE's Kitopi Raises $50M in Growth Capital Led by EvolutionX

UAE-headquartered cloud kitchens platform Kitopi has raised $50 million in growth capital after achieving profitability, as it moves to scale its portfolio of brands across the Gulf and beyond.

The round was led by EvolutionX, the growth-stage private credit platform backed by Temasek and DBS Bank. The deal marks EvolutionX’s first investment in the Gulf region and will support the expansion of Kitopi’s homegrown brands across the UAE, Saudi Arabia, Qatar, Bahrain and Kuwait, alongside accelerating regional and international franchising.

Founded in 2018 by Mohamad Ballout, Saman Darkan, Bader Ataya and Andy Arenas, Kitopi operates more than 200 locations, spanning restaurants and delivery-only kitchens across five GCC markets. The company also runs an in-house technology suite known as SKOS, which supports its operations and brand development.

“As we continue to scale our loyalty app alongside our regional growth and international franchise expansion, this funding round positions us perfectly to capitalize on the growing demand for our brands. What began as a local presence has evolved into a regional platform, and we’re now taking that momentum global," Mohamad Ballout, CEO and Co-Founder of Kitopi, said.

The latest raise builds on the company’s earlier financing rounds, including a $300 million Series C extension in 2022 that brought total funding for that round to $715 million.