All the fundraising deals in the ghost kitchen market (from Q2 2025 to Q2 2026)
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In our ghost kitchen market deck, you will find everything you need to understand the market
The ghost kitchen market recorded 9 funding rounds worth $178.3 million between Q2 2025 and Q2 2026.
Q1 2026 was the strongest quarter, with $91.8 million raised across three ghost kitchen funding deals.
India led the ghost kitchen market with five funded companies and $110.5 million in disclosed capital.
And if you want to better understand this new industry, you can download our pitch covering the ghost kitchen market.
Insights
- Multi-brand delivery kitchen networks raised $129.3 million, equal to 72.5% of total ghost kitchen market funding during the five-quarter period.
- Q1 2026 generated 51.5% of all ghost kitchen funding, but Kitopi and Swish supplied 95.9% of the quarter's total.
- India accounted for $110.5 million, or 62.0% of ghost kitchen market funding, through five qualifying fundraising rounds.
- Only Sizl completed a clearly identified seed round, while the other eight ghost kitchen deals supported more established operators.
- No ghost kitchen funding round was smaller than $2 million, which shows that investors focused on companies with meaningful operating networks.
- No deal exceeded $50 million, so the ghost kitchen market did not return to the very large expansion rounds seen in earlier years.
- The average ghost kitchen funding round was $19.8 million, although the $50 million Kitopi financing lifted the overall figure.
- Only Alteria Capital participated in more than one qualifying deal, which shows that investor activity remained fragmented.
- The two ultra-fast dark kitchen operators raised $41.5 million, with Swish accounting for $38 million of that amount.
- The four largest rounds represented $135 million, or 75.7% of all ghost kitchen funding during the period.
This market map, featured in our ghost kitchen market deck, highlights top companies and startups in the ghost kitchen market
Summary table of the funding deals in the ghost kitchen market (last 5 quarters)
We define the ghost kitchen market as all restaurant concepts that prepare food in a professional kitchen but serve customers only through delivery or digital pickup, with no dine-in restaurant identity.
We include dedicated delivery-only kitchen sites, multi-tenant ghost kitchen hubs, and virtual brands that run from existing restaurant kitchens but are visible to customers only on apps and online platforms.
We exclude traditional restaurants whose main brand includes a dining room, as well as grocery, meal-kit, and other businesses that mainly sell unprepared food or basic retail items.
You can also read our detailed analysis to understand how funding activity in the ghost kitchen market has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the ghost kitchen market.
| Name | What they do | Amount in $ | Quarter |
|---|---|---|---|
| Sizl | Prepares fresh meals in delivery-only kitchens and delivers them to customers around Chicago. | $3.5M | Q2 2025 |
| Rebel Foods | Operates delivery-first food brands through owned and partner cloud kitchens across several international markets. | $25.0M | Q2 2025 |
| EatClub | Runs Indian delivery brands such as Box8 and Mojo Pizza from shared cloud kitchens. | $22.0M | Q3 2025 |
| Curefoods | Operates Indian digital food brands, including EatFit and CakeZone, through a shared kitchen network. | $18.0M | Q3 2025 |
| Hangry | Produces meals for 18 virtual restaurant brands from shared kitchens across Indonesia. | $10.5M | Q4 2025 |
| Kitopi | Operates delivery-first brands, franchised concepts and more than 200 food outlets across the GCC. | $50.0M | Q1 2026 |
| Paket Mutfak | Operates 16 delivery-focused brands from shared kitchens supported by its own ordering technology. | $3.8M | Q1 2026 |
| Swish | Cooks meals after ordering and delivers them from company-controlled kitchens in about ten minutes. | $38.0M | Q1 2026 |
| Dil Foods | Runs regional virtual food brands through unused capacity in independent Indian restaurant kitchens. | $7.5M | Q2 2026 |
In our ghost kitchen market deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the ghost kitchen market changed over time?
Q1 2026 was the most active quarter, with $91.8 million raised, mainly because Kitopi and Swish secured a combined $88 million.
Q2 2026 was the least active quarter, with one $7.5 million funding round completed by Dil Foods.
Ghost kitchen market funding fell by 91.8% from Q1 2026 to Q2 2026 and fell by 73.7% compared with Q2 2025.
Without the largest deal in each quarter, funding would have remained modest and uneven. Q1 2026 would still lead with $41.8 million, while Q4 2025 and Q2 2026 would fall to zero.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 2 | $28.5M | Rebel Foods supplied most of the quarter's ghost kitchen funding through its $25 million strategic investment. |
| Q3 2025 | 2 | $40.0M | EatClub and Curefoods produced a balanced quarter with two similar late-stage rounds. |
| Q4 2025 | 1 | $10.5M | Hangry completed the only qualifying ghost kitchen funding round during the quarter. |
| Q1 2026 | 3 | $91.8M | Kitopi and Swish drove the strongest quarter with two large growth-focused financings. |
| Q2 2026 | 1 | $7.5M | Dil Foods completed the only disclosed ghost kitchen market deal in the quarter. |
| All quarters | 9 | $178.3M | Ghost kitchen funding was concentrated in a small number of established operators. |
This chart, included in our ghost kitchen market deck, shows why Rebel Foods is winning in ghost kitchens
Which startups in the ghost kitchen market raised the largest rounds over the last months?
These startups raised the most recently in the ghost kitchen market:
- Kitopi raised $50 million to expand its profitable food brands across the GCC and support regional and international franchising.
- Swish raised $38 million to enter more Indian cities and invest in kitchen automation, supply chains and operating infrastructure.
- Rebel Foods raised $25 million to support growth and prepare for a possible public listing.
- EatClub raised $22 million to expand its Indian cloud kitchen network and grow delivery brands such as Box8 and Mojo Pizza.
- Curefoods raised $18 million to strengthen its balance sheet before its planned public listing.
- Hangry raised $10.5 million to add kitchen capacity, improve production and prepare for expansion beyond Indonesia.
- Dil Foods raised $7.5 million to enter more Indian cities, add cuisines and expand its partner kitchen network.
- Paket Mutfak raised $3.8 million to open more Istanbul kitchens and launch a direct-ordering application.
- Sizl raised $3.5 million to open more Chicago kitchens and test expansion into additional US cities.
And, yes, we do cover most of them in our our beautiful pitch about the ghost kitchen market.
You may also want to check our ranking of the most funded startups in the ghost kitchen market as well as our list of the most valued startups.
This chart, included in our ghost kitchen market deck, shows annual funding in ghost kitchen startups
Is the ghost kitchen market shifting toward smaller or bigger deals?
The average ghost kitchen funding round was $19.8 million across the five-quarter period.
Average deal size ranged from $7.5 million in Q2 2026 to $30.6 million in Q1 2026. The Q1 2026 average was higher because Kitopi and Swish raised large rounds.
Without the largest deals, the ghost kitchen market would show mostly small and medium-sized financings rather than a clear move toward bigger rounds.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 2 | $14.25M | 0 | 0 |
| Q3 2025 | 2 | $20.00M | 0 | 0 |
| Q4 2025 | 1 | $10.50M | 0 | 0 |
| Q1 2026 | 3 | $30.60M | 0 | 0 |
| Q2 2026 | 1 | $7.50M | 0 | 0 |
| All quarters | 9 | $19.81M | 0 | 0 |
This chart, included in our ghost kitchen market deck, compares the main business model options for ghost kitchen companies
How concentrated was funding activity in the ghost kitchen market?
Ghost kitchen funding was highly concentrated because the largest deal represented at least 54.5% of funding in every quarter with more than one transaction. Across all five quarters, Kitopi alone captured 28.0% of total funding.
The three largest ghost kitchen rounds represented 63.4% of total capital, which shows that a few established operators shaped the market's funding results.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q2 2025 | 2 | 87.7% | 100.0% | 100.0% |
| Q3 2025 | 2 | 55.0% | 100.0% | 100.0% |
| Q4 2025 | 1 | 100.0% | 100.0% | 100.0% |
| Q1 2026 | 3 | 54.5% | 100.0% | 100.0% |
| Q2 2026 | 1 | 100.0% | 100.0% | 100.0% |
| All quarters | 9 | 28.0% | 63.4% | 100.0% |
This chart, featured in our ghost kitchen market deck, shows how revenue is distributed across customer segments in the ghost kitchen market
Which categories in the ghost kitchen market received the most funding?
Multi-brand delivery kitchen networks raised $129.3 million, or 72.5% of ghost kitchen market funding. Investors favored operators that could spread kitchen, procurement and delivery costs across several brands.
Ultra-fast and cook-to-order dark kitchens raised $41.5 million, or 23.3% of the total. Swish supplied most of this category's funding through its $38 million Series B.
Virtual restaurant brand platforms raised $7.5 million, or 4.2% of the total. Dil Foods represented the category with a partner-kitchen model designed for smaller Indian cities.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Multi-brand delivery kitchen networks | 6 | $129.3M | Rebel Foods ($25.0M), EatClub ($22.0M), Curefoods ($18.0M), Hangry ($10.5M), Kitopi ($50.0M), Paket Mutfak ($3.8M) |
| Ultra-fast / cook-to-order dark kitchens | 2 | $41.5M | Swish ($38.0M), Sizl ($3.5M) |
| Virtual restaurant brand platforms | 1 | $7.5M | Dil Foods ($7.5M) |
This chart, included in our ghost kitchen market deck, shows how multi-brand kitchen management technology has evolved over time
Who are the biggest investors in the ghost kitchen market?
Alteria Capital was the most active disclosed investor in the ghost kitchen market, with participation in two rounds involving Swish and Dil Foods.
No other disclosed investor participated in more than one qualifying ghost kitchen funding round during the period.
The limited number of recurring investors shows that ghost kitchen market financing remained based on individual company opportunities.
Large investors including EvolutionX, Bain Capital Ventures, Tiger Global and Qatar Investment Authority each backed only one qualifying company.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Alteria Capital | 2 | $45.5M | Swish, Dil Foods |
This chart, included in our ghost kitchen market deck, shows how food delivery adoption has driven growth in the ghost kitchen market over time
Related blog posts
- A full list of funding deals in the ghost kitchen market
- Which startups have raised the most funding in the ghost kitchen market?
- How strong is fundraising in the ghost kitchen market right now?
