The all-female led cloud kitchen startup MadEats has secured $125,000 (approximately P6.2 million) in funding from Silicon Valley's Y Combinator, one of the world's leading accelerator programs. MadEats follows the footsteps of other Filipino startups that have been lucky enough to graduate from the program, such as PayMongo, NextPay, and Avion School.
MadEats is a cloud kitchen, or "ghost" kitchen, as well as a delivery-only restaurant group. They have already built three growing food brands: Yang Gang, which offers Korean fried chicken; Chow Time, which offers Chinese takeout, and Fried Nice, which offers Southeast Asian rice bowls.
The startup prides itself on being the first-ever "full-stack" delivery-only startup as they build their own food concepts, organize orders via their backend tech, and fulfill orders with the startup's own fleet of riders. From order to delivery, MadEats oversees the user experience for maximum quality control.
MadEats was launched in November 2020, and less than a year later, the startup has already expanded its user base, developed three brands, and secured a sizeable investment from a prestigious accelerator program.
The food delivery and cloud kitchen economies have boomed during lockdown as restaurants and food brands move their operations online. The food delivery market alone is expected to grow 48 percent year-on-year. MadEats is not the only cloud kitchen startup in the Philippines, but it certainly is one to watch.
"We hope to build the underlying infrastructure of ghost kitchens in Southeast Asia by creating products that are engineered specifically for delivery that can scale much faster with the help of tech," says Mikee Villareal, CEO of MadEats.
"So far, well over half of our revenue comes from our madeats.co platform. We hope to expand our operations to different areas in the Philippines by the end of the year, and are gunning to expand to other regions in Southeast Asia in the next few years. By integrating tech into all facets of our business, the focus of MadEats is to add value to the customer's experience."
The startup was founded by Mikee Villareal, Keisha Lao, and Andie Cruz, all of whom have experience in the pre-pandemic food and beverage industry. The trio previously managed and launched brands for top fast-casual food groups and optimized delivery operations for these brands before they decided to set up a startup of their own.
MadEats already has a fourth concept in the works, this one focused on coffee, and also plans to launch a fifth by the end of the year. A MadEats mobile app is also in a lineup.