RIYADH: Egypt-based cloud kitchen service, The Food Lab, has raised a $4.5 million pre-seed round of funding, led by venture capital firms Nuwa Capital, Shorooq Partners, and 4DX Partners.

The Food Lab supports restaurants by providing procurement, cooking, data insights, delivery, and marketing solutions.

Founded in 2020, the company is planning to use its funds to expand its presence in the Egyptian market, as well as set the foundation for entering other markets in the Middle East and Africa region.

The restaurant industry has seen a huge growth in Egypt and is expected to rise to an estimated $17 billion in annual records.