RobinFood, a food-tech restaurant and cloud kitchen, has secured a $16 million debt investment from MGM Sustainable Energy Fund II L.P. (MSEF II) to further accelerate its growth in Latin America.
The investment brings RobinFood’s total funding to date to $36 million, after raising more than $20 million from ALLVP and Seaya Ventures.
Previously known as Muy, the Colombia-based company recently rebranded as RobinFood, bringing both its physical and virtual restaurants under the same name with the aim of positioning itself as the leading cloud-restaurant company in the region.
Founded in 2018, RobinFood has a presence in Mexico, Colombia and Brazil where it has more than 50 cloud-restaurants and eight brands. Customers can order meals for delivery from multiple brands operated by RobinFood such as Muy, El Original, Just Burgers and The Cut.
With the capital, RobinFood aims to further accelerate its growth across Colombia, Mexico and Brazil, as well as add another 3,500 brand-locations in Latin America over the next five years.
According to RobinFood, the investment will take place in various phases, including energy efficient equipment on a lease basis. The first instalment consists of $5 million and the total investment may be up to $16 million.
From February to September, the company claims to have increased its delivery sales five times. “We are proud to have our RobinFooders team develop this unique company that is revolutionising the tech and restaurant industry,” said CEO and co-founder of RobinFood, José Guillermo Calderón.
He added: “We are faithful to our purpose of giving access to good affordable food to all Latin Americans, and at the same time, being an ally of the region in terms of development, job creation and technological advances.”
The MSEF II fund, operated by MGM Innova Capital, currently manages different investments in energy efficiency and clean energy benefitting various countries in Latin America and the Caribbean.
Alejandro Paz, investment director of MGM Innova Capital, said: “We became interested in RobinFood due to its capacity to include efficient energy sources in their operation, whilst having positive and tangible impacts in the finance, social and environmental areas.
“RobinFood is committed to high-quality service, good food and fair prices, classifying it as an inclusive company in all aspects of its operation. We also believe in its accelerated expansion process in the region, and in the innovative model that seeks to generate a significant change within traditional food services.”
© FoodBev Media Ltd 2019