We are thrilled to announce our investment in Local Kitchens and even more excited to be partnering with a great team executing on a remarkable vision. Local Kitchens is a micro food hall that offers the best local restaurants under one roof. Their commitment to helping local entrepreneurs and restauranteurs reach a wider audience is a vision we look forward to helping bring to life.
At Local Kitchens, it all starts with the team. They have deep experience in the food space. Jon Goldsmith and Andrew Munday met in the early days at DoorDash and helped the company grow at an exceptional rate. Joining Jon and Andrew is co-founder Jordan Bramble whose experience scaling operations through technology will enable Local Kitchens to expand rapidly and efficiently.
The last decade ushered in a new wave of innovation in the food industry, but one thing has not changed: local favorites remain the favorite. By partnering with popular local brands, Local Kitchens gains a massive leg up to jumpstarting demand because their restaurant partners already have great recognition with the community. In addition, the team turbocharges this advantage by leveraging their robust operational expertise to drive revenue and profitability quickly at each location, enabling uniquely strong unit economics.
Local Kitchens also gains operational leverage as the business scales, mainly in network effects. With each additional restaurant partner and location, more value is created. This value comes in many ways, including localized product offerings, store-by-store restaurant mix flexibility, kitchen ingredients optimization, and more. We’ve already seen this begin to take shape with just a few locations, and we expect this to ramp in a meaningful way as Local Kitchens grows.