eatwhatnxt gets $ 1 million in initial funding from the Cravito Group to expand – Health Guild News


Virtual restaurant company eatwhatnxt has announced that it has secured US $ 1 million in initial funding from its parent company, Cravito Group (known as MyeongDong Topokki).

eatwhatnxt helps existing restaurants earn extra revenue by using their underused equipment under a virtual restaurant brand, which is only delivered.

Restaurants have a choice of several Cravito Group virtual restaurant brands, such as Ado-Rabowl, Rice Society and Tacology.

Depending on what they have chosen, the Cravito group will guide them to implement the system and technology in the existing restaurant.

The company will also provide training and it is not necessary to hire additional staff to manage the virtual restaurant brands.

If all goes according to plan, Vincent Lua, CEO of Cravito Group, previously told us that restaurants should be able to earn between 1,000 and 3,000 RM per day per brand.

Observe aggressive growth in the sea

Since we last wrote about eatwhatnxt in December 2020 (pre-release), it has expanded its virtual restaurant brand portfolio from 12 to 15 names after launch in January 2021.

With this initial funding, it now has 12 cloud kitchens, 2 of which are operational and 10 locations that are being renovated.

While the business is still new, Vincent wants to grow it aggressively by adding another 20 cloud kitchens to his portfolio in Malaysia.

At the same time, the company is in talks with venture capitalists to grow eatwhatnxt regionally by opening 50 cloud kitchens in Indonesia.

Their confidence comes from the fact that they are able to collect easily available data through MyeongDong Topokki and adapt it to eatwhatnxt operations.

This allows them to suggest the right virtual brands in restaurants and advise them on which items are best-selling in their specific region or area.

You are likely to meet the competition soon

The virtual restaurant brand concept is far from new, even in Malaysia, but most operate from cloud kitchens that have been built for the sole purpose of operating a delivery-only business.

On the other hand, using latent equipment from an existing restaurant to run a virtual brand along with its regular operations is less a common concept, especially one that is done on a eatwhatnxt scale.

Vincent believes eatwhatnxt is able to take advantage of unexplored opportunities in the SEA region and Malaysia is a good place to start for the above reason. Not to mention the fact that he has a clear understanding of how to run F&B companies here.

However, the next market to watch, Indonesia, has already seen what it claims to be its first multi-brand virtual restaurant, Hangry, 2019. There may be several differences in the operation of Hangry and eatwhatnxt, but Hangry’s longer experience in running this business in Indonesia may represent a breakthrough on eatwhatnxt.

This is not to say that the Cravito group has a huge disadvantage, because the MyeongDong Topokki brand had already stepped on Indonesia by a master franchisee in 2019. With that, Vincent and Cravito Group are likely to already have an idea to take advantage of Indonesia’s food trends.

  • You can learn more about eatwhatnxt here.
  • You can read more F&B related content here.

Featured Image Credit: Vincent Lua, CEO of Cravito Group

Source link