LatAm Cloud Kitchen Startup Foodology Secures $17 Million in New Funding

Bogotá-based cloud kitchen startup Foodology announced that it has secured $17 million USD in financing during a recent funding round as the company plans to expand its reach Brazil and other Latin American markets. 

Foodology’s financing comes from previous investors in the company, such as Andreessen Horowitz and Chimera Investment, as well as first-time investors including 30N Ventures and Daedalus Ventures.

Maluma poses with the Foodology team. (Credit: Foodology)

This marks fifth funding round that Foodology has undergone since 2020, according to Crunchbase, with the company estimated to have raised more than $86.5 million USD in capital combined. Colombian music star Maluma is among the most prominent investors.

Foodology was founded in 2019 in Bogotá by Daniela Izquierdo and Juan Guillermo Azuero with a model of creating, developing, and scaling original third-party food brands in different countries in Latin America that work together in a “cloud kitchen” that all the brands share. Some of the company’s more popular new brands include the breakfast-focused brand Brunch & Munch and pizza brand The Crunch. 

Today, they are currently operating over 85 “cloud kitchens” in Colombia, Mexico, Brazil, and Peru, delivering over 300,000 orders per month. The company has said that it will use the money from the current venture round to solidify its market leadership position in Brazil.

“Our investment in Foodology represents our confidence in this market’s potential and the strong leadership of Dani and Juangui … We foresee significant growth and industry transformation,” said Salvador Said, managing partner of 30N Ventures, in a statement regarding the recent investment.

Writing about investing on Foodology, Andreessen Horowitz partner Jeff Jordan said that they have led the investment in the company due to the venture capital company’s belief that the new technology and methodology offered by the company to be transformative.

“We quickly saw the opportunity for Foodology to redefine the role technology will play in transforming Latin America’s foodtech space,” wrote Jordan “And as the Latin American market increasingly adopts digital platforms and services, that opportunity only grows.”