Kiwibot and Kineo’s first-of-its-kind partnership will help the startup manufacture robots and expand the business without worrying about working capital. Kiwibot’s growth will get it closer to becoming the standard last-mile delivery service in smart cities.
Kiwibot, a robotic last-mile delivery service that has completed over 250,000 food deliveries with high-driving robots, today announces a tailor-made $10M financing partnership with asset financing group kineo finance. The agreement will help Kiwibot with its manufacturing and scaling needs, growing its robotic fleet and disrupting the delivery-as-a-service (DaaS) industry.
By removing the working capital barrier, this partnership will accelerate Kiwibot’s growth in the DaaS industry. kineo finance provides smart asset financing for startups while limiting dilution, so they can focus on growing the business. The financing group aspires to build lasting mutually beneficial alliances with the companies they support and partner with them in the long run.
Kiwibot’s on-demand delivery service is already available via apps like Grubhub and Sodexo’s Everyday. The robots’ high-driving capabilities, made possible by GPS technology, advanced camera sensors, and artificial intelligence (AI), mean they can generate optimal routes, avoid obstacles, and provide a cost-effective service. Kiwibot reduces food delivery costs by up to 65%.
The partnership is monumental because it is kineo’s first involvement in the DaaS industry and a notable use case for their portfolio of high-tech companies from the medical, logistics, and Internet of Things (IoT) sectors. While the funding scene in the robotics industry has taken a few tumbles, this first-of-its-kind financing deal sets a precedent for other startups: They must consider alternatives to venture lending and venture capital funding.
“This partnership will take our operations to the next level: We’ll be closer to becoming the standard solution for smart cities that leverage sustainable technology to enhance people’s quality of life. We’re pleased to be backed by companies who believe in building accessible and convenient robotics services,” said Felipe Chávez, CEO and co-founder of Kiwibot. “We envision a world where technology, logistics, and delivery are available for everyone. Kiwibot's near future looks bright, and we are ready to offer our exceptional delivery services globally.”
“Kiwibot’s solution is in high demand in the US and has become indispensable for people leading fast-paced lives. This partnership is the financial push they need to propel their startup into wider markets,” said Charles Sellman, President at kineo Finance. “At kineo, our goal is to encourage automation and digitalization initiatives in various industries to drive the adoption of high-tech companies’ equipment. Kiwibot’s growth in the DaaS sector meant it was a logical choice for us to support its robotic deliveries helping businesses today—and for the future.”
Kiwibot was founded in 2017 and launched its first pilot at the University of California-Berkeley campus. With a presence at 27 US college campuses and 41 cities worldwide, the company aims to revolutionize food delivery with high-driving autonomous robots. They’ve delivered fresh food for restaurants like Dunkin Donuts, Subway, Pizza Hut, and Mr. Beast Burgers, and the service lets customers launch last-mile deliveries at a fraction of the time and cost without the hassle of hiring a courier. Having served 6,942 students and connected 133 restaurants with customers in 2022, Kiwibot is committed to a zero-carbon future eliminating the gas emissions of common delivery vehicles.
About kineo finance
kineo finance is a globally active financing specialist for innovative technologies and equipment. kineo provides tailor-made venture leasing and working capital solutions for companies which are starting the commercialisation of new products and services with a hardware component. kineo enables young companies to offer their customers product/market-specific "equipment-as-a-service" solutions via pay-per-use, renting or subscription models. Backed by large institutional investors, kineo offers a broad industry network and know-how and actively supports high-growth companies to accelerate the market entry of their innovations.