The multi-brand restoration operation, Cuyna, has announced the raising of 3 million euros in a seed round, led by Big Sur Ventures. Likewise, it has closed a strategic agreement with LIFT AM to form part of its real estate platform for virtual kitchens, the first of its kind in Spain. An operation that will boost your growth in the coming months with the aim of going from the current six kitchens to 23 before mid-2023 and will carry out its business model expansion in Spain and other countries in southern Europe.
Cuyna assumes the complete operation of the restoration brands with which it works, using its suppliers, following in detail their recipes, preparation and packagingand connecting with all delivery platforms so that consumers can enjoy the best food in their homes as quickly as possible.
With this investment, Cuyna will also expand the reach of your proprietary software to optimize your kitchen operations and will continue to incorporate talent into its team, made up of executives from companies such as Deliveroo, Glovo, McDonalds, Tripadvisor, Acerinox, JPMorgan, Great Places to work or Suntory Schweppes, among others.
This round of financing is supported by technology funds and Foodtech most important in Iberia. Led by Big Sur Ventures (Paack, Trucksters, Lingokids), Clave Capital also participates, through Tech Transfer Agrifood (Heura, Cocuus) and the Portuguese VC fund Shilling (Katoo, Kencko, Coverflex).
Jaime Martínez de Velasco, CEO and co-founder of Cuyna states: “For us, this milestone is proof that what seemed impossible to us is within our reach if we fight every day with talent, effort and humility. In addition, we know that we are in a plane and that it is our responsibility to fly and turn it into a rocket: in an industry that is still very analog, where the software used in restaurants is still very rudimentary, the opportunity to build a digital native operator is evident. and allows us to offer consistent quality in all our kitchens. We are passionate about being able to offer growth opportunities to brands that were impossible before, bringing the franchise model and a national scale closer to all restaurants, it is no longer just for the big brands.”
23 million euros to promote the growth of Cuyna
In this seed round, Cuyna has achieved raising 3 million euros from previous investors, together with the Big Sur, Clave Capital and Shilling VC funds, to which is added the strategic collaboration agreement with LIFT AM to form part of its real estate platform with an investment amount that may reach up to 20 million euros. The approved plans also include the opening of new virtual kitchens in other countries in southern Europe in 2023.
The commitment of these technology and foodtech funds shows the consolidation of the startup during the last 12 months. Thus, Cuyna has consolidated its business model in the cities where it already operates – Madrid, Valencia, Barcelona and, recently, in Murcia – with more than 20 brands. Among the brands that Cuyna operates are ‘El Círculo’, by Carlos Maldonado – recognized Michelin star and winner of Masterchef – Wingstop (American franchise of chicken wings, with more than 2,500 points of sale. NASDAQ: WING) or Costa Coffee (2nd world chain of coffee shops, owned by Coca-Cola); as well as Junk Burger, the best hamburger in Spain in 2022.
The startup also wants to give small investors the opportunity to participate in this disruptive project, participating in the important benefits that its model brings and that have been identified by the large venture capital funds. Therefore, it will offer a unique opportunity for individuals who wish to join this round, with an equity crowdfunding campaign developed in Crowdcube. Those interested can acquire the percentage they want of the company, investing amounts as small as €12, at the same valuation as the large funds. All the information is at cuyna.es/funding.
