By Gavin Gibbon
Restaurant reservation platform Eat App to treble headcount and expand into lucrative Saudi market
Dubai-based restaurant reservation platform Eat App plans to treble its headcount and launch new offices in Saudi Arabia and Bahrain after raising $5 million from its latest Series B funding round.
The funding was led by 500 Startups and Derayah VC, with follow-on investment from MEVP, FA Holdings and several international VCs and regional angel investors.
Nezar Kadhem, co-founder of Eat App, said: “We have an impressive product roadmap focused on new verticals including restaurant payments, guest loyalty, CRM and enterprise level technology. We will also continue building innovative restaurant discovery options for consumers.”
Launched in 2015, Eat App currently powers over 1,000 restaurants, hospitality groups and hotels and has processed more than 10 million diners to date.
Eat App has also built the largest partnership network, powering reservations for Google, TripAdvisor, Zomato and Time Out, amongst more than 30 other consumer facing platforms, representing over 46 million monthly active users.
Faris AlRashed Alhumaid, founder of Oqal Group and partner at Derayah VC, said expansion into the Saudi market was a natural step. “The Saudi restaurant sector has witnessed massive growth over the last years, with 8 percent CAGR and total sales exceeding SAR80 billion.
“In addition, restaurants employ 30 percent of the Saudi workforce, which is the largest employment sector in the country. Growth in this huge market can be facilitated with the adoption of efficient software solutions like Eat App,” he said.
In 2019 Eat App, which currently has a staff of over 50, generated over $32m in revenue for its restaurant partners.
As well as boosting the company’s sales and engineering teams, the latest funding will also be used to invest in R&D, unique IP and technology.
David Feuillard, Eat App’s co-founder and COO, added: “In the past 12 months, Amazon has entered the space with its investment in SevenRooms and Dubai’s Kitopi has raised $60m in Series B funding. It’s a great time to be taking part in the paradigm shift happening currently in the food tech space.”For all the latest travel news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.