Colombian cloud-based cooking and virtual restaurant group, Foodology, has successfully secured $17 million in financing in its latest funding round. This investment includes participation from existing investors such as Andreessen Horowitz (a16z) and Chimera, as well as new investors like 30N Ventures, a Chile-based venture capital firm focused on exceptional founders in emerging markets.
Founded by Daniela Izquierdo and Juan Guillermo Azuero, Foodology has raised an impressive total of $69.5 million across five funding rounds.
Salvador Said, Managing Partner of 30N Ventures, expressed enthusiasm for joining Foodology’s growth journey, stating, “We are incredibly excited to be part of the growth story of Foodology, a company that is redefining the way we interact with gastronomy in LatAm. The passion and dedication that Foodology has shown so far is truly inspiring.”
Foodology’s business model centers on rapidly developing and expanding original and third-party restaurant brands in various Latin American markets. The company currently operates more than 85 cloud kitchens in Colombia, Mexico, Brazil, and Peru, delivering over 300,000 orders each month.
With the new infusion of capital, Foodology aims to solidify its leadership position in Brazil by replicating its successful operations in Colombia and Mexico.
Having joined the Endeavor Colombia network in 2022, Foodology now boasts a portfolio that includes renowned brands such as Rappi, Addi, COO of Ubits, Mercado Libre, Kavak, Ebanx, CookUnity, and Kitopi, among others. The company’s presence spans across Mexico, Brazil, Colombia, and Peru.
The online food ordering market in Latin America has seen significant growth, with revenues reaching $6.13 billion in 2022, marking a notable increase of over $700 million compared to the previous year. Projections indicate further growth, with expectations that the figure will reach $8.8 billion by 2027, growing at a robust CAGR of 9.80% during the period from 2023 to 2028.