(Source: Inside Retail Asia | 4 October 2016)
Bangkok restaurant reservation app Eatigo has completed a series-B investment from travel siteTripAdvisor, bringing total funding of the company to $15.5 million to date.
The investment was made through TripAdvisor’s global restaurant reservation brand TheFork.
Eatigo’s current round of funding comes about nine months after it raised series-A investment. Founded in 2013, the aim of Eatigo is to fill empty tables in restaurants during off-peak hours by offering discounts of up to 50 per cent. Its platform covers nearly 700 dining venues in Bangkok, Pattaya and Singapore.
Co-founder/CEO Michael Cluzel says Eatigo’s monthly growth is about 20 per cent in terms of both reservations and revenue, which should enable it to reach breakeven in new markets within the next two years.
“The funding will help us make a real regional footprint,” he says. “We will use the funding to support our expansion in new markets and we will also look around for potential acquisitions.” TheFork restaurant reservation platform has a network of more than 34,000 restaurants with more than 8 million users a month. The platform has various brand names, including LaFourchette in France and Switzerland, ElTenedor in Spain, and TheFork in Belgium, Brazil, Denmark, Italy, Portugal, Sweden and Turkey.