Milano, Italy-based Poke House has raised EUR 20 million (USD 24 million) to expand its poke bowls delivery concept across Europe.
The restaurant chain, which uses technology and data to optimize delivery of its seafood and rice/noodle bowls, expects sales of more than EUR 40 million (USD 48 million) this year, TechCrunch reported.
It already operates more than 30 restaurants in Italy, Portugal, and Spain, and has 400 employees.
The company’s latest Series B funding round was led by Eulero Capital, with the backing of FG2 Capital and reinvestment from Milan Investment Partners SGR.
The start-up will use the funding to open new restaurants in its existing markets, enter France, and start an expansion in the United Kingdom, TechCrunch reported.
“The pandemic has challenged our food sector, and we see technology as the way forward to innovate and digitalize the traditional restaurant experience. We are seeing a shift in people’s desires in fast but healthy food,” Poke House Co-founder Matteo Pichi said. “Poke bowls fit this new need and it promotes a more balanced, active and sustainable lifestyle with quick and healthy food options available nearby.”
Poke House’s business model follows some of the main trends in the food sector, such as food technology, healthy food, delivery, and customization, Eulero Capital Founding Partner Gianfranco Burei told TechCrunch.
Poke House is just one of many poke restaurant chains capitalizing on the fast-growing poke trend across the U.S., Europe, and around the globe. The global poke foods market is expected to grow at a compounded annual growth rate of nearly 14 percent from 2020 through 2024, according to market research firm Technavio.
“The health benefits of poke foods has been a prominent factor in boosting the market growth during the forecast period,” Technavio said in a press release. “Rising demand for organic seafoods and poke foods will also impact the market as well as food products industry positively in the forthcoming years.”