Driven by artificial intelligence, STIQ’s virtual kitchen technology platform helps reduce waste in the food services business.
The European Investment Bank (EIB) is investing €20m in STIQ, a Cyprus-based foodtech company that runs an AI-driven cloud kitchen technology platform which helps reduce waste in the food services sector.
The funding will help STIQ scale up its technology platform and expand into new European markets. STIQ had raised €10m from investors prior to the EIB loan.
“We are thrilled to welcome the European Investment Bank as a strategic partner in our mission to redefine fast-casual dining,” said Konstantinos Davaris, founder and CEO of STIQ.
Founded three years ago, STIQ runs a single virtual restaurant platform that consists of five kitchen hubs in Athens serving over 20 brands to a potential market of 3 million residents. STIQ, which currently employs 200 workers, is planning to grow its cloud kitchen platform to 30 hubs across Europe by 2029.
“With EIB’s support, we’re ready to scale our vision, fostering a more sustainable, health-conscious future for communities worldwide,” said Davaris.
Smart kitchen
The platform’s smart routing and grouped order delivery reduces CO2 emissions and delivery time while its AI-powered software helps inventory optimisation, according to STIQ.
The EIB loan is backed by the InvestEU programme under its future technologies windows, which aims to address funding gaps in access to growth capital for early-stage European tech companies.
“This investment reflects the EIB’s firm commitment to supporting innovation, digital transformation and entrepreneurship across Europe. STIQ is reshaping the food delivery model through technology, and we are proud to support a Greek company that is building scalable, sustainable solutions with European reach,” said EIB vice-president Yiannis Tsakiris.
The EIB Group provided close to €89bn in new financing to more than 900 high-impact projects in 2024, all aimed at boosting Europe’s competitiveness and security.
