Poke House Secures $24M Series B Funding for European Expansion

The Evolution of Food Tech into Fast Food

The intersection of technology and the food industry is increasingly manifesting in the fast food sector. Sweetgreen, a U.S.-based “fast-casual” chain specializing in healthy “bowl food,” exemplifies this trend, having secured $478.6 million in funding. Sweetfin represents another company operating within this space, both leveraging technology to enhance operational efficiencies.

Poke House: Industrializing Poke Bowls

European startup Poke House has entered this market, focusing on the large-scale production of “poke bowls” specifically for food delivery services. The company specializes in creating bowl-based meals, frequently featuring cubed, marinated fish combined with ingredients like sticky rice, pickles, and noodles.

A recent Series B funding round, led by Eulero Capital and supported by FG2 Capital and Milan Investment Partners SGR, has provided Poke House with €20 million ($24 million). The company utilizes technology and data analytics to streamline both production and delivery processes across major platforms like Uber Eats.

Rapid Growth and Expansion

Founded by Matteo Pichi and Vittoria Zanetti, Poke House has quickly expanded its presence, now operating over 30 stores across Italy, Portugal, and Spain. The company currently employs 400 individuals and projects a turnover exceeding €40 million for 2021.

The newly acquired funding will facilitate further expansion into existing markets, as well as entry into France and a phased rollout within the U.K.

Technology-Driven Optimization

Poke House emphasizes the importance of technology throughout its operations, meticulously tracking every aspect of the supply chain to maximize business performance. Furthermore, the company analyzes data sourced from third-party delivery platforms – including Deliveroo, Glovo, and Uber Eats – to achieve food preparation times under 10 minutes and overall delivery times of less than 25 minutes.

Vision for the Future of Fast Food

According to Matteo Pichi, co-founder of Poke House, “The pandemic has presented challenges to the food sector, and we view technology as crucial for innovation and the digitization of the traditional restaurant experience.” He notes a growing consumer demand for fast, yet healthy food options, which poke bowls are uniquely positioned to satisfy, promoting a lifestyle focused on balance, activity, and sustainability.

Competitive Landscape and Strategy

In an interview with TechCrunch, Pichi identified Sweetgreen and Sweetfin as key competitors. However, he highlighted Poke House’s advantage as one of the first brands built by individuals with extensive experience in food delivery. He anticipates future competition from virtual brands specializing in data analysis and digital brand development, viewing food delivery platforms as powerful media channels and investing heavily in them.

Investor Confidence

Gianfranco Burei, founding partner of Eulero Capital, stated: “Poke House’s business model capitalizes on key trends within the food sector – food-tech, healthy eating, delivery services, and customization – and possesses the necessary characteristics and talent to become a leading European player.” He expressed enthusiasm for partnering with Poke House on this innovative project, aligning with their investment strategy of supporting companies driving macro-trends shaping the future of economics, technology, and society.

Poke bowls represent a growing segment within the fast-casual dining experience.