Dubai’s Kitopi becomes a unicorn with a $415 million round led by SoftBank

dubai softbank kitopi unicorn
UAE
  • Date: 02-Jul-2021
  • Source: MENAbytes
  • Sector: Technology
  • Country: UAE
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Dubai’s Kitopi becomes a unicorn with a $415 million round led by SoftBank

Dubai-based cloud kitchen startup Kitopi has raised $415 million in a Series C led by SoftBank's Vision Fund 2, it announced in a statement today. It is one of the largest-ever financing rounds raised by a venture-backed company in the Middle East & North Africa. It is also the first investment by SoftBank in a Middle Eastern company. Kitopi did not disclose the valuation but confirmed to MENAbytes that it's over $1 billion, which makes it the third Middle Eastern unicorn and the fastest one yet. The deal was also joined by some other leading growth investors, including Chimera, DisruptAD, B. Riley, Dogus Group, Next Play Capital, and Nordstar.

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