European Investment Bank pumps €20 million into Greek food technology company STIQ
European Investment Bank Boosts STIQ's Expansion into New Markets
The European Investment Bank (EIB) has announced a €20 million investment in STIQ, a Cyprus-based foodtech company, to help scale up its AI-driven cloud kitchen platform across multiple European markets.
STIQ, which currently operates a single virtual restaurant platform with five kitchen hubs in Athens serving over 20 brands to a potential market of 3 million residents, plans to grow its cloud kitchen platform to 30 hubs across Europe by 2029.
The funding, provided under the EIB’s InvestEU programme focused on future technologies, will enable STIQ to accelerate the development of their proprietary AI platform. This platform optimizes demand forecasting, dynamic menu adjustments, inventory control, and smart delivery routing to reduce emissions and improve efficiency.
The investment reflects the EIB's commitment to supporting innovation, digital transformation, and entrepreneurship across Europe. EIB Vice-President Yiannis Tsakiris stated, "We are delighted to support STIQ in its mission to transform food delivery through smarter, healthier, and more sustainable fast-casual dining."
STIQ's expansion plan involves growing from 5 kitchen hubs in Athens to 30 hubs across Europe, investing heavily in AI, R&D, digital innovation, and logistics automation. The company aims to enhance sustainability via smart routing to cut CO2 emissions, food waste reduction, and electric delivery fleets.
The investment in STIQ is part of the EIB Group's €89bn in new financing provided to 900 high-impact projects in 2024. Prior to the EIB loan, STIQ had raised €10m from investors.
STIQ's AI-powered software also helps with inventory optimization, reducing waste in the food services sector. The company currently employs 200 workers and plans to create more jobs as it expands its operations.
In addition to the EIB's investment, STIQ has signed a partnership with People's Partnership and Good Things Foundation to address digital and financial exclusion in the UK. This partnership aims to promote financial inclusion and gender equality, aligning with the EIB's funding agreement which also aims to promote financial inclusion in Tanzania.
DEG, a German development finance institution, recently signed a $50m funding agreement to support women-led businesses in Tanzania, with the aim of promoting financial inclusion and gender equality in the region.
In summary, STIQ’s expansion plan involves growing from 5 kitchen hubs in Athens to 30 hubs across Europe by 2029, investing heavily in AI, R&D, digital innovation, and logistics automation, enhancing sustainability via smart routing to cut CO2 emissions, food waste reduction, and electric delivery fleets, entering new EU markets to bring scalable, sustainable cloud kitchen solutions across the continent.
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