C3 raises $80M to grow virtual brand footprint

by uchimeshi

Dive Summary:

  • C3 (Creating Culinary Communities) has raised $80 million in Series B funding, co-led by Brookfield Asset Management and Reef Technology. according to a press release. Additional investors included Egon Durban and Greg Mondre, managing partners and co-CEOs of Silver Lake Partners, and Dean Adler, co-founder of real estate investment firm Lubert-Adler.
  • As part of this investment, Reef has committed to carry C3 brands such as Umami Burger, Krispy Rice and Sam’s Crispy Chicken in 500 ghost kitchens in the US.
  • This funding comes a few weeks after the company’s news. Partnership with ChowlyIt will offer C3’s 40 virtual brands to Chowly’s portfolio of more than 10,000 kitchen customers. C3 also recently launched the Citizens Go app, which allows consumers to order from multiple C3 brands at the checkout for one order.

​ ​Diving Information:

C3 is in a rapid expansion move with plans to reach 12,000 locations by 2023. The company has committed to lease several mixed-use retail and hospitality spaces for its virtual restaurant brands, where it will open physical locations as well as dining halls. , the company’s concept of EllaMia cafes and independent full-service restaurants – many of which will become complementary spaces for the C3 brands. The food technology company had previously agreed to open a 40,000-square-foot dining hall at Brookfield Properties Manhattan West in New York during the summer and a 24,000-square-foot dining hall on a Simon property in Atlanta in 2022.

C3’s collaboration comes at a time of growth for Reef. Raised $700 million in November to help C3 expand from approximately 4,800 locations in the US to 10,000, creating more opportunities to expand its brands into new markets.

Previously, he had signed a deal with C3. Alumni Hotels Launching the Graduate Food Hall, a delivery-focused hybrid kitchen concept that will appear at these hotels across the country. also Worked at Akara Living integrating ghost kitchens into future Kenect apartments. The company also plans to expand into Saudi Arabia and the United Arab Emirates with other recent connections.

Utilizing existing kitchen space that is underused to operate restaurant brands, the main kitchen area has become a growing business within the virtual brand space as it provides existing restaurants an additional revenue stream through takeout and distribution channels. In October, order markOperating several virtual restaurant brands through Nextbite, it raised $120 million in funding. Then, next bite It operated 15 virtual brands such as The Big Melt and Wild Wild Wings in 1000 locations.

Other home kitchen providers are expanding their partnerships with outside brands. Franklin Junction, for example, has grown its ties to restaurants, including through a deal. Nathan’s Famous Bringing Arthur Treacher’s to 100 home kitchens by the end of the year. Combined Kitchens Dickey’s plans to open the Barbecue Pit in 100 new or existing restaurants within the next year.

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