European Investment Bank Infuses €20 Million into Greek Food Technology Firm 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 will help STIQ scale up its operations and expand into new European markets, with a goal of growing its kitchen hubs from the current 5 in Athens to 30 across the continent by 2029.
The investment, provided through the EIB's InvestEU "Future Technologies" initiative, will support various aspects of STIQ's expansion plan. This includes research and development, further AI enhancement, digital innovation, logistics automation, and the rollout of electric delivery fleets to promote sustainability.
STIQ's platform uses AI for demand forecasting, dynamic menu adjustment, inventory management, and optimized delivery routing to reduce emissions and food waste. The smart routing and grouped order delivery system also help reduce CO2 emissions and delivery times.
The funding will also help STIQ increase its operational capabilities for better efficiency and sustainability, enhance food safety systems, and employ a team to drive rapid growth. The company currently employs 200 workers and plans to grow its workforce as it expands.
Yiannis Tsakiris, the EIB's vice-president, stated that the investment reflects the EIB's commitment to supporting innovation, digital transformation, and entrepreneurship across Europe. He added that the investment is not limited to one specific country or region in Europe, and is not solely focused on the foodtech sector.
In 2024, the EIB Group provided €89bn in new financing to over 900 high-impact projects across Europe. These projects aim to boost Europe's competitiveness and security, and are spread across more than 900 locations in Europe.
Before the EIB loan, STIQ had raised €10 million from investors. The funding will help STIQ position itself as a strategic player in healthy, tech-driven, fast-casual food service across Europe.
It's worth noting that the EIB Group's investment is not exclusively for STIQ or any other previously mentioned company. The EIB Group provides financing for various projects across Europe, with the aim of supporting innovation and promoting sustainable growth.
In conclusion, the €20 million investment in STIQ by the European Investment Bank is a significant step towards scaling up the company's AI-powered cloud kitchen network and expanding into new European markets. The funding will support research and development, further AI enhancement, digital innovation, logistics automation, and the rollout of electric delivery fleets to promote sustainability. This investment reflects the EIB's commitment to supporting innovation, digital transformation, and entrepreneurship across Europe, and is part of a larger effort to boost Europe's competitiveness and security.
[1] STIQ's Expansion Plan: https://www.stiq.food/expansion-plan [2] The European Investment Bank's InvestEU "Future Technologies" initiative: https://www.eib.org/en/investment/investeu-future-technologies [4] STIQ's AI-powered cloud kitchen technology platform: https://www.stiq.food/technology
- The European Investment Bank's financing for STIQ not only supports the development of AI-driven cloud kitchen technology but also contributes to financial inclusion by facilitating investments in innovative foodtech companies.
- With the €20 million investment, STIQ is ventureing into sustainable-living by utilizing artificial intelligence in its food-and-drink business, promoting efficiency, reducing food waste, and lessening carbon emissions.
- The increased operational capabilities, fostered by the EIB's investment, will contribute to home-and-garden bliss by employing a larger workforce, which leads to improved lifestyle opportunities for STIQ's employees.
- As STIQ scales up its expansion plan and invests in real-estate for their new kitchen hubs, this will create demand for lifestyle and home-and-garden products, indirectly boosting these sectors' economic growth.
- The EIB's backing for STIQ will encourage other finance institutions to invest in emerging businesses focused on technology-driven social impact projects, thereby enhancing the overall financial inclusion landscape.
- By striving to make foodtech a greener and more sustainable sector, the European Investment Bank's investment in STIQ aligns with the broader goal of promoting and supporting sustainable-living initiatives within Europe.
