CloudKitchens is a bet on the food-delivery boomlet. It buys cheap or rundown real estate, often near city centers, where it builds commissary kitchens—also known as ghost kitchens—that it rents to restaurants wanting to prepare food exclusively for delivery services like Grubhub Inc. and DoorDash Inc.

CloudKitchens also operates its own delivery-only restaurants in the commissaries, with names like Excuse My French Toast, Egg the F* Out, and B*tch Don’t Grill My Cheese.