StiQ, an Athens-based FoodTech company, recently secured €20 million in funding for its virtual kitchen platform. The European Investment Bank (EIB) provided this investment, backed by the InvestEU programme. This financing supports the company's AI-powered cloud kitchen technology and international expansion.
Advancing StiQ's Virtual Kitchen Platform
StiQ, founded in 2022, develops AI-powered cloud kitchen technology. Its platform integrates software, logistics, and food operations, enabling efficient preparation and delivery of multiple digital restaurant brands. The company previously raised over €10 million.
The platform features AI-powered demand forecasting and dynamic menu engineering. It also optimizes inventory and streamlines smart routing for grouped order delivery. This technology reduces CO2 emissions and improves delivery times, enhancing overall operational efficiency.
StiQ currently operates five kitchen hubs in Athens, serving over 20 brands.
The company plans to expand to 30 hubs across Europe by 2029. This expansion aims to scale operations rapidly while maintaining a strong focus on food quality and environmental responsibility. StiQ competes with other virtual kitchen providers like Reef Technology and Kitopi.
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The EIB investment, structured as venture debt, accelerates platform development and advanced AI innovation. It also supports StiQ's operational footprint expansion beyond Greece into new EU markets. This funding addresses market gaps for early-stage European tech companies, fostering European expansion in food delivery.
