ChatFood raises $3M bridge round to expand into Saudi Arabia
UAE-based omnichannel ordering and marketing platform, ChatFood, has raised a bridge round of $3 million with a reserved amount for key strategic Saudi partners to spearhead its expansion into Saudi Arabia, where the market is expected to reach over $25 billion by 2026. The funds will also be used for product development with the aim to unlock further efficiencies for restaurants, bars, hotels, and entertainment venues.
Led by Antler, other participants in the round include family offices as well as existing investors. This brings ChatFood’s funding to date to $7 million after last year's seed round led by leading regional VC funds, BECO and Wamda Capital.
ChatFood has already empowered over 3,000 hospitality venues across the Middle East to drive more than $100 million in sales and convert more than 1 million visitors into direct customers, growing at 260 percent YoY. ChatFood’s newly launched NFC/QR ordering system has been able to deliver outstanding results for its partners including 35 percent higher average spend, 3x more tips, and 25 percent more labour efficiency. This has allowed ChatFood to unlock revenue and margins at a time of surging food costs, labour shortage, and increasing commissions for hospitality venues.
ChatFood’s co-founder and CEO, Benjamin Mouflard, shares, "We are looking forward to providing our services in Saudi Arabia as the market is set to witness phenomenal growth within the next four years, further strengthening our leading position in the GCC.”
According to Christopher Dix, Global Capital Director and Head of MENAP at Antler, “ChatFood at its core enables F&B and hospitality operators to improve margins and run their venues more efficiently, whilst also ensuring an optimal customer experience – a mutualistic solution across the board. We believe ChatFood is the right team to build the leading omnichannel ordering and payments solution and look forward to helping them cement their MENAP leadership position against an exciting and ever-evolving regional backdrop.”