Singapore startup raises $2.6m series A to make restaurants more efficient
By Michael Tegos for TechinAsia
Singapore-based TabSquare announced today it has raised its series A round worth US$2.6 million. The round is led by Walden International and is joined by Infocomm Investments, Philip Private Equity, and Raging Bull, the Singapore-based investment company started by Thai Express restaurant chain founder Ivan Lee.
TabSquare allows restaurants to offer tablet menus. Customers can use them to order, redeem promotions, and pay, while the restaurant can update the menus in real time via a content management system that includes a cloud-based data warehouse and analytics engine. The app offers restaurants data to better understand customer behavior and spending patterns. The product can be integrated with what the startup calls “the leading point-of-sale systems in Southeast Asia.”
The company claims to count over 60 food and beverage (F&B) brands and more than 150 stores among its customers, including Far East Hospitality, Food Theory Group, and Japan Foods Holding.
TabSquare offers tablet menus where restaurant customers can order and pay.
Tabsquare will use the funding to strengthen its position in the Singapore market, further develop its technology platform, and expand to regional markets.
“TabSquare has been able to address the F&B industry pain points of a tight labor market: increasing costs and low profitability. We were impressed by the company’s ability to scale the business in a capital-efficient manner. We look forward to working with the team and supporting their growth,” said Kris Leong, vice president of Walden International, in a statement.
“TabSquare’s approach of building a strong end-to-end platform from the ground up, their vision of making restaurant operations more data driven, and their strong business model are what makes them unique and best positioned to be a leader in this space,” said Ivan in a statement.
Ivan’s Raging Bull has previously invested in Singapore-based beauty services marketplace Vanitee.
TabSquare had raised US$480,000 back in January 2013.
First appeared at TechinAsia.com