muncherThe chain of Dark Kitchens largest in Latin America and one of the Food Tech leaders in the region, raised $27 million in a series B financing round led by Glisco Partners. Muncher plans to use the funds to consolidate its leadership in Latin American countries where it is already operating, particularly Mexico and Brazil, as well as to expand operations into new countries.
Since 2019, the year in which it was founded in Colombia by Juan David Jaramillo, Andrés Villarraga and Nimrod Molad, Muncher has experienced accelerated growth. Today, the company has 400 food businesses distributed through 43 hubs in 11 cities in four different countries. (Colombia, Mexico, Peru and Brazil). With the funds obtained in this latest round, Muncher plans to add hundreds of kitchens in the short term.
The company is seeking strategic locations to deploy its modular kitchens and advanced digital sales technology, including smart menus, customer data management, and visual integration of all sales channels.
Muncher provides the ideal setting for restaurateurs to grow rapidly with minimal capital expense and improve profitability by driving sales and reducing costs. Muncher services its own brands (Franco, Nimi’s, Oh My Sandwich, Chiki Chiki, Mooi, among others) as well as its clients’ brands (Sliders Burger Shop, Panda Express, and Watakushi, to name a few).
Muncher’s digital platform has proven to be an ideal channel for influencers such as Luisito Comunica and JuanPa Zurita, cultivate and expand a following for food and restaurant brands in Latin America.
Commenting on Muncher’s new round of investment, Juan David Jaramillo, Co-Founder and CEO commented: “Next year we will build hundreds more kitchens with a hybrid model that helps restaurants take advantage of home delivery and sales in site and to take away. We will focus on growing in our current and new locations.”
Andrés Villarraga, Co-Founder and CSO, added: “Our main differentiators are having top-tier locations with a modular format for off-premises consumption that allows virtual restaurants to deploy quickly and scale more efficiently. This is our DNA. With this in mind, we will continue to focus on profitability and healthy growth in our core markets.”
“We are delighted to lead this investment round for Muncher,” said Alfredo Castellanos, Managing Partner at Glisco Partners. “At Glisco we seek to invest in Latin American and Hispanic companies that allow us to obtain attractive returns through disruption. We believe that the Muncher model that provides dark kitchens well located and low cost, with digital sales tools fits perfectly into our investment thesis. Muncher is ideally positioned to continue to grow rapidly and generate highly attractive returns for its investors and shareholders.”
This is Glisco’s seventh investment for its fourth fund and follows recent transactions with ZeBrands, Kueski, Yalo and Mezcal Amarás. Muncher’s investment was led by Andrés Gavito, Managing Director of Glisco. Femsa Ventures, TMT Investments and a combination of prominent family offices Mexicanas participated together with Glisco in Muncher’s Series B.
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