Eatwhatnxt virtual restaurant company announced that it has raised $ 1 million in startup funding from its parent company Cravito Group (known for MyeongDong Topokki).
eatwhatnxt helps existing restaurants generate additional revenue by using their underutilized devices under a virtual restaurant brand that only offers delivery service.
Restaurants have the opportunity to choose from various virtual restaurant brands from the Cravito Group such as Ado-Rabowl, Rice Society and Tacology.
Depending on what they have chosen, the Cravito Group will then guide them through implementing the system and technology in their existing restaurant.
Training is also offered by the company, and there is no need to hire additional staff to manage the virtual restaurant brands.
If everything goes according to plan, Vincent Lua, CEO of the Cravito Group, told us that restaurants should be able to make an additional RM 1,000-3,000 per day per brand.
Aggressive growth in SEA in mind
Since we last wrote about eatwhatnxt in December 2020 (pre-launch), it has expanded its portfolio of virtual restaurant brands from 12 to 15 names after launching in January 2021.
With this seed funding, it now has 12 cloud kitchens, 2 of which are in operation, and 10 locations under renovation.
While the business is still new, Vincent plans to aggressively grow it by adding another 20 cloud kitchens to its portfolio in Malaysia.
At the same time, the company is in talks with venture capitalists to expand eatwhatnxt regionally by opening 50 cloud kitchens in Indonesia.
His confidence comes from the fact that they can collect readily available data through MyeongDong Topokki and customize it to help drive operations in eatwhatnxt.
In this way, they can suggest the right virtual brands to restaurants and advise them on the best-selling items in their respective region / region.
Likely to meet competition soon
The concept of a virtual restaurant brand is far from new even in Malaysia, but most work in cloud kitchens that are built solely to run a delivery-only business.
On the flip side, using the dormant equipment of an existing restaurant to run a virtual brand alongside regular operations is less common, especially on the eatwhatnxt scale.
Vincent believes eatwhatnxt is able to take advantage of untapped opportunities in the SEA region, and Malaysia is a good place to start for the above reason. Not to mention the fact that he has a solid grasp of how to run F&B business here.
However, the next market he has his eye on, Indonesia, saw what was supposedly the first multi-brand virtual restaurant, Hangry, back in 2019. There may be several differences in how Hangry and eatwhatnxt work, but Hangry's extensive experience running such a business in Indonesia can add value to it through eatwhatnxt.
However, this is not to say that the Cravito Group is at a massive disadvantage, as the MyeongDong Topokki brand had already set foot in Indonesia in 2019 through a master franchisee. With that said, it's likely that Vincent and the Cravito Group already have some leverage into Indonesia's food trends.
- You can find out more about eatwhatnxt here.
- You can find more F&B-related content here.
Photo credit: Vincent Lua, CEO of Cravito Group