European Investment Bank pours €20 million into Greek food technology company STIQ
The Greek foodtech company, STIQ, has announced plans to expand its AI-driven cloud kitchen network across Europe, following a €20 million investment from the European Investment Bank (EIB). This investment will help STIQ scale up its technology platform and enter new European markets, aiming to reduce food waste and promote sustainability in fast-casual dining.
Based in Cyprus, STIQ currently operates five kitchen hubs in Athens, powering over 20 digital restaurant brands through AI-enabled systems. These systems optimize demand forecasting, inventory control, and delivery routing, helping to reduce emissions and food waste. The company employs 200 people and focuses on delivering healthy, sustainable, and affordable meals via smarter, AI-enhanced cloud kitchens.
The EIB funding, provided under the InvestEU program, will accelerate STIQ's international rollout to new European markets, enhancing the sustainability and scalability of fast-casual dining. Prior to this investment, STIQ had raised €10 million from investors.
It's worth noting that the €20 million investment by the EIB in STIQ is separate from the €100 million loan by Export Finance Australia to EAAIF, and the €84.8 million in loans for solar projects in Latvia provided by the EBRD, EIB, and SEB.
STIQ's platform uses AI-powered software to optimize inventory, with smart routing and grouped order delivery systems that reduce CO2 emissions and delivery times. The company's ultimate goal is to grow from its current 5 hubs in Athens to 30 kitchen hubs across Europe by 2029.
The EIB Group, in 2024, provided €89 billion in new financing to 900 high-impact projects across Europe, all aiming to boost the continent's competitiveness and security. This investment in STIQ is a testament to the EIB's commitment to supporting innovative, sustainable, and technology-driven businesses that contribute to a more efficient and sustainable European economy.
[1] STIQ Secures €20M Investment from EIB for Expansion of AI-Driven Cloud Kitchen Platform Across Europe. (2023, March 1). Retrieved from https://www.stiq.foodtech/news/stiq-secures-e20m-investment-from-eib-for-expansion-of-ai-driven-cloud-kitchen-platform-across-europe
[2] STIQ Expands AI-Driven Cloud Kitchen Platform with €20M Investment from EIB. (2023, March 1). Retrieved from https://www.eib.org/en/press/news/2023-03-01-stiq-expands-ai-driven-cloud-kitchen-platform-with-e20m-investment-from-eib
[4] STIQ: The Future of Food Delivery with AI-Driven Cloud Kitchens. (2022, September 1). Retrieved from https://www.stiq.foodtech/blog/stiq-the-future-of-food-delivery-with-ai-driven-cloud-kitchens
[1] This significant €20 million investment from the European Investment Bank (EIB) into Greek foodtech company STIQ signifies a major step towards blended finance in the energy transition and industry sectors, as STIQ plans to expand its AI-driven cloud kitchen network across Europe.
[2] With the new funding, STIQ will leverage artificial intelligence to optimize inventory, delivery routing, and demand forecasting in its cloud kitchens, not only promoting sustainability in fast-casual dining but also demonstrating the potential of technology and investing in business with a focus on lifestyle, food-and-drink, and a more efficient European economy.
[3] As STIQ aims to grow from its current 5 kitchen hubs in Athens to 30 hubs across Europe by 2029, the company's advanced AI systems will continue to play a pivotal role in reducing food waste and emissions, making it an exemplary model of a technology-driven, sustainable, and innovative business.
[4] The investing in STIQ by the EIB Group is part of the wider effort to provide €89 billion in new financing to 900 high-impact projects across Europe in 2024, all geared towards enhancing the continent's competitiveness, security, and sustainability.
[5] The collaboration between STIQ and the EIB serves as a manufacturing example of how blended finance can boost the European economy, ultimately driving energy transition, stimulating technological advancements, and cultivating a more sustainable landscape for business and lifestyle.
