European Investment Bank Allocates €20 Million to Greek Food Technology Firm STIQ
European Investment Bank Backs AI-Driven Foodtech Startup STIQ
The European Investment Bank (EIB) has announced a €20 million investment in STIQ, a Cyprus-based foodtech company that operates an AI-driven cloud kitchen technology platform. This funding, backed by the InvestEU programme under the future technologies windows, marks a strategic focus on innovation, AI, digital transformation, and sustainability in the food services sector across Europe.
Founded three years ago, STIQ currently runs a single virtual restaurant platform with five kitchen hubs in Athens, serving over 20 brands to a potential market of 3 million residents. With the EIB's backing, STIQ plans to use the funds to expand its AI-powered cloud kitchen platform across Europe by growing its kitchen network from 5 hubs in Athens to 30 hubs across Europe by 2029.
The expansion will see STIQ scaling up its technology platform, enhancing features such as demand forecasting, dynamic menu adjustments, inventory control, and smart delivery routing to improve efficiency and reduce food waste and emissions. STIQ's founder and CEO, Konstantinos Davaris, stated that they are thrilled to welcome the EIB as a strategic partner in their mission to build a more sustainable food services sector.
The expansion also includes a rollout into new European markets, with a vision to serve larger urban populations sustainably. STIQ's plans for growth include introducing electric delivery fleets, reinforcing food safety systems, and promoting waste reduction throughout operations. The company also aims to grow its workforce, currently 200 employees, to support over 20 digital restaurant brands within its virtual restaurant platform.
Prior to the EIB loan, STIQ had raised €10 million from investors. The company's AI-powered software helps inventory optimisation, reducing waste in the food services sector, and its smart routing and grouped order delivery reduce CO2 emissions and delivery time.
The EIB's investment in STIQ is a testament to the potential of AI and cloud kitchen technology to revolutionise the food services sector. By focusing on innovation, sustainability, and efficiency, STIQ is poised to lead the way in delivering healthier, more efficient, and environmentally friendly food delivery solutions across Europe.
[1] STIQ press release, 2022. [2] European Investment Bank press release, 2022. [3] InvestEU programme website, 2022. [4] STIQ website, 2022. [5] STIQ investor presentation, 2022.
- The European Investment Bank's €20 million investment in STIQ, a foodtech startup, signifies a focus on blended finance, particularly development finance for future technologies like AI and digital transformation.
- With the EIB's backing, STIQ, a Cyprus-based company, plans to use funds for investing in expansion, aiming to build an AI-powered cloud kitchen platform across Europe by 2029.
- The energy transition in the food services sector is a key focus for STIQ, as they aim to reduce food waste, emissions, and promote sustainability through technology.
- The lifestyle changes in food-and-drink preferences are being addressed by STIQ, as they plan to serve larger urban populations with healthier, more efficient, and environmentally friendly food delivery solutions.
- The use of artificial intelligence (AI) in STIQ's business model helps optimize inventory, reduce waste, and achieve efficient delivery routing, demonstrating the impact of technology on the food services sector.
