Turkey-based Foodtech Startup Bundle Kitchen has secured a $1.25 million seed round from Nuwa Capital, alongside participation from Turkish VC fund Kybele Investment. Bundle Kitchen will leverage this to develop the tech architecture and expand across the region.
Founded in 2020, Bundle Kitchen is a leading multi-brand virtual food brand builder and operator in Turkey. The startup has built a strong team with significant experience in food brands, real estate, and technology investments across the region.
The Venture Lead at Nuwa Capital, Ghassan Noursi said, “Alican, Alper and the founder team are unlocking a massive opportunity as more people become accustomed to the convenience of food delivery. A key advantage that this team has is the unparalleled quality of their meals and their ability to run a solid and profitable business from inception.”
Bundle Kitchen has shown that it can help kitchens become more reliable and profitable by placing economies of scale and operational efficiencies first from the start. The company, which currently runs four kitchens including a hybrid location, adopts a strategic approach to its business model, utilizing central production kitchens, an asset-light expansion model, and an early focus on maximizing kitchen utilization by developing brands for all meal periods.
Co-founder of Bundle Kitchen, Alper Kiresepi said, “Our brand and customer-centric approach sets us apart from the other players in this space. With our industry-leading kitchen ramp-up periods and dedication to creating globally inspired brands, we are excited to announce our seed round and welcome Nuwa as a supporter of our vision.”
The fresh investment marks Nuwa Capital’s fourth commitment in Turkey from its early-stage fund. Venture partner at Nuwa Capital, Kaan Kalipci said Turkey is a big country with a big food culture and thus has the chance to expand regionally and internationally. Expressing his excitement for foodtech, He said the VC will continue to founders that align with such thinking.
Foodtech in Turkey
The advent of digitalization, advanced technologies, sustainability and reliable foods have become important to humans recently. Also, entrepreneurial perspective and big data-based studies have gradually changed the method of doing business in various industries and food is no exception. Founders are delving into food technology to enhance life longevity and make the environment sustainable. Some foodtech startups in Turkey include; Fazla Gida, HyggeFood, Nanomik, Snack Haus.
Funding Turkish Startups
In 2022 reports indicated that startups in Turkey secured $1.59 billion in investments across some 300 deals in seed, early and later venture capital stages. This record surpassed the $1.55 billion funding record in 2021. This shows that funding for startups is improving but at a slower rate. This may be attributed to global inflation rates and headwinds of economies.