AN UPDATE FROM COHO'S CEO, ANDREW BARNES
September 15, 2022
With autumn just around the corner, I wanted to now take the time to celebrate our recent announcements and successes this past summer. Coho is proud to be a leader in the shared kitchen and commissary space in Canada. While we are growing at a rapid speed, we are doing so with focused intention, always taking into consideration ways we can support our members and investors alike. By the end of October 2022, Coho will have more than doubled our facilities since our IPO in June 2022.
With Coho being one of the pioneers in the shared kitchen and commissary space in Canada, opportunities continue to grow quickly in this emerging and blue-sky industry. Investors and the market recognize this industry is here to stay and Coho is ready to be at the forefront of it all.
Current industry opportunity trends includes:
In the United States,
Cloud Kitchens (currently valued at $15B) after closing an $850M round in November, 2021, has just formed a partnership with Microsoft.
Kitchen United just raised $100M from existing partners, led by their operational partners Kroger.
In the United Kingdom,
Karma Kitchens raised £100M pounds on the success of three locations and the opportunity that exists within the market.
At Coho, this summer we announced:
A signed deal with Peterson Development group to partner and build Canada's largest shared-kitchen facility in Richmond, B.C.
The openings of 4 new locations, including a brand new business vertical, which supports the retail ambitions of many of our ghost kitchens by providing them street exposure for their growing customer bases.
We also hired key people to help bolster our executive team, including:
Carla Matheson as CFO. Carla is an industry veteran with a wealth of public experience (both in officer and director roles) to help steer our financial strategy.
Matt Kenney, former VP of Operations from Reef Technologies, a dominant player in the ghost kitchen space. Matt joins Coho as Senior Director of Business Development and will help the scaling of our business and form partnerships to support membership and grow even faster.
Coho was also recently featured in an article from business media outlet BNN Bloomberg.
In Coho's year-end results, Coho announced a YOY financial growth of 122%, a fourth-quarter revenue increase of 16% (despite not adding any new locations over this period), and successfully closed a financing round and an IPO in June of 2022. Over 400 companies remain on our waitlist, all waiting for space within our existing and imminently soon-to-open facilities, which provide security and growth opportunities as we continue to scale the business.
Thank you for being on the Coho journey!
CEO, Coho Collective Kitchens Inc.
Coho is a growth stage, community-driven, commercial real estate and food technology company that provides private and shared kitchen and production space to food companies, from start-ups to restaurant groups, seeking turnkey solutions and business services. Each of the Company’s customers, called “Members”, are revenue generating companies that have signed a membership agreement with Coho for an agreed upon term. The concept falls in line with a rapidly growing trend in the food-delivery industry creating a market for delivery-only and/or virtual restaurant concepts. For more information about how Coho is growing and innovating in the commissary space, visit https://www.cohocommissary.com.