Ghost kitchen boom and bust (2019-2023)
Investors poured money into delivery-only kitchen startups like REEF Technology and Kitchen United. They expanded quickly, then struggled with thin margins and inconsistent demand.
Many startups closed locations and cut staff.
The model shifted toward renting space to established brands rather than building standalone delivery restaurants.
Umbrella Hospitality is renting space from CloudKitchens, the model's surviving form.
