Dublin-based Flipdish, a tech provider that helps restaurants create food ordering apps, recently raised $96m in funding led by Chinese tech and investment giant Tencent. This comes at a valuation of $1.25 billion, according to the Financial Times.
The company serves approximately 7K restaurants across 25 countries and has been greatly helped by the rush to create restaurant delivery services during the pandemic.
Background on Flipdish
Founded in 2015 by James McCarthy and Conor McCarthy, Flipdish provides software that helps restaurants set up their own online ordering platform without having to develop complex technical solutions from scratch.
It also offers a mobile app through which customers can order food from eateries near them and pick it up or have it delivered. According to its website, this is beneficial for both customers and business owners as it allows them to access “a range of features not available elsewhere” such as user profiles, loyalty programs, analytics tools, customized menu design, etc.
Funding Details
The new round of funding was co-led by Tencent and global venture capital firm TCV with participation from Microsoft’s venture fund M12 and existing investors Acton Capital Partners and Frontline Ventures. This marks the third time that Flipdish has secured funding since April 2020 when it raised €15 million ($18 million).
Flipdish’s Growth During the Pandemic
The rise of digital channels for ordering food experienced a massive surge in demand during the pandemic due to social distancing measures imposed worldwide. This created an opportunity for Flipdish to showcase its software capabilities as many restaurants shifted their operations online with their help.
According to figures released by the company in January 2021, their platform had processed more than €800 million ($977 million) worth of orders in 2020 alone – a 300% increase compared to 2019 figures.
Future Plans
Flipdish plans to use its new funds for further international expansion as well as hiring new talent into its team which stands at nearly 200 people currently spread across Dublin and London offices.
Co-founder James McCarthy said they are “really pleased” with this latest investment which will help them move towards their goal of becoming “the leading global platform powering successful restaurant commerce”
Dublin-based Flipdish, which provides the tech for creating food ordering apps to 7K restaurants in 25 countries, raises $96M led by Tencent at a $1.25B valuation Food ordering app specialist benefits from the rush to create restaurant delivery services during a pandemic
