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STIQ has developed a technology-enabled "virtual kitchen" platform that integrates and operates a cloud kitchen network of distinct food brands which are prepared and delivered from multiple culinary hubs.
The objective of this project is to support STIQ in enhancing its technology and driving sustainable, long-term growth. Through targeted investments in artificial intelligence, innovation, and product and service development, STIQ will be better equipped to deliver higher-quality food more quickly and affordably to customers. This initiative also promotes automation and efficiency in a sector and region where AI-driven solutions remain largely untapped.
The operation is in line with the InvestEU objectives of research development and innovation. Specifically, the eligible area as per Annex II of the InvestEU Regulation is: The development, deployment and scaling-up of digital technologies and services in particular through: artificial intelligence and other advanced digital technologies and services contributing to the digitisation of the Union industry.
The project finances product and digital developments of a leading Technology-enabled Cloud Kitchen platform in Greece.
It supports investments in Digital technologies aligned with EU policy objectives (Digital Europe Programme, Europe's Digital Decade: digital targets for 2030) and strengthening the competitiveness of the sector for the benefit of citizens and businesses across the Union, while contributing to the Bank's Policy objective "Innovation, Digital and Human Capital".
The project also contributes to the Bank's Policy Objective "Cohesion", as 100% of project investments will benefit a Transition Region in the Greece.
The activities are expected to facilitate the accumulation and diffusion of knowledge within the European industry.
This operation addresses the sub-optimal investment situations associated with imperfect competition and incomplete markets, by contributing to increase the level of competition and enable the development, adoption and scaling-up of automated food technologies in the EU.
It supports both the relevant RDI and market expansion to scale-up. In doing so, it targets significant positive knowledge externalities. The InvestEU quasi-equity financing addresses the market failure of availability of non-dilutive growth capital for fast growing innovative SMEs and MidCaps, allowing the company to continue investing in R&D, creating skilled R&D jobs in Greece and support its growth.
The envisaged EIB financing provides the Promoter with a funding solution tailored to its needs and growth plans. It also provides a strong signalling effect on the quality of the project, facilitating other financiers.
The project would not have been carried out (to the same extent) by the EIB without the InvestEU support.
The investments will concern research and development (R&D) activities carried out in already existing facilities. Therefore, the project does not fall under the EIA Directive 2011/92/EU as amended by the Directive 2014/52/EU.
The promoter has been assessed by the EIB as being a private company not subject to EU rules on public procurement or concessions