Mobile-based food order-ahead startup Eatsy secures US$550K from East Ventures
Singapore’s Eatsy, the app platform that lets diners order-ahead, pay, and pick-up orders at local eateries and coffee shops, announced today an additional US$550,000 raised in their seed fund led by East Ventures.
East Ventures is joined by angel investors including Goh Yiping, the seasoned startup veteran who was behind MatahariMall and AllDealsAsia.
Eatsy has shared that they will use the investment to accelerate the mobile ordering and payment tech system. The goal is to create a ‘new way of life’ when dining out.
“With the access to new capital, we look forward to further development in technology, product expansion, and acquisition of new talents in 2019. We plan to lead the mobile order-ahead and pick-up space in Singapore” said Shaun Heng, co-founder and CEO of Eatsy.
Willson Cuaca, Managing Partner of East Ventures, shared his thought on how omni-channel has become an important strategy for SMEs to thrive in the digital era.
“F&B is a market of US$100 billion with annual growth of 2.65 per cent in Southeast Asia, and its potential can expand through the capacity to seamlessly process orders both from walk-in and digital. Eatsy team is best positioned to bring innovation to crack this market,” Cuaca added.
Eatsy was founded with the idea to leverage on existing technology infrastructure to leapfrog the ordering and payment challenges faced by many of SMEs. Eatsy’s technology cuts through all the hassles in ordering, queuing, and processing payment for food.
“Singaporeans are not exactly known for time off, they want to get as much done with what they have got, and mobile order-ahead apps like Eatsy does help diners save more time for more important things in life. Orders are taken and placed before they are on-site, payment is done, and all that’s left is to pick it up within the stipulated timing,” said Heng.
Eatsy has gained momentum in part because mobile order-ahead apps are getting investments left and right.
Heng believes that leveraging online data is the future of F&B business, which is why Eatsy supported their merchants with a streamlined checkout process to enable them to process more customers compared to waiting in line.
Back in 2017, Eatsy was one of the first companies backed by Enterprise Singapore under the Startup SG Founder grant. It officially launched in January 2018 and has since grown to partner with over 200 merchants and raised a total of US$1 million in funding.