"We Got Funded!" Dubai-Based Eat App Concludes A US$11 Million Series B Round Having raised US$5 million at the start of the pandemic in February 2020, Eat App has now fully concluded its Series B round by securing additional $6 million.
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Eat App, a Dubai-based global restaurant reservations platform, has concluded a US$11 million Series B round in order to progress with its global expansion.
Having raised $5 million at the start of the COVID-19 pandemic in February 2020, Eat App has now fully concluded its Series B round by securing an additional $6 million.
The funds were raised from Middle East Venture Partners (MEVP), 500 Startups, Derayah VC, Dallah Albaraka, Ali Zaid Al Quraishi & Brothers Company, and Rasameel Investment Company, with existing investors also participating in the round.
The whole of the Series B funds will be used to develop Eat App's product that helps restaurants and hospitality operators digitize, manage, and optimize guest experiences.
Founded by Nezar Kadhem and David Feuillard in 2015, Eat App is now headquartered in Dubai, and it serves customers in 63 countries globally.
The founders say that the post-pandemic surge in adoption of digital tools in the hospitality industry has caused Eat App to grow its business up to 350% from 2021.
Commenting on the fundraising process, Kadhem says that raising the latest round has required them to take a more tactical approach while targeting private equity and strategic investors, as well as traditional venture capital funds. "There are strong network effects in the region, so it's crucial to maintain a strong network," he says. "Our existing investors like MEVP, 500 Startups, etc. were extremely helpful partners at growing our network."
In terms of advice for other entrepreneurs seeking funds, Kadhem urges them to plan ahead. "Raise at a time when the business is growing at the fastest pace, not when you need the money," he says. "And be prepared by building a data room, tweaking the pitch deck, and practicing. Do the heavy lifting first. This will reduce the time greatly spent on fundraising, rather than adjusting on the fly."
With the new funds, Kadhem plans to invest in Eat App's product, develop a strong product-market fit, and focus on the team. "We will look closely at the reinventing the organization, because I want to make sure that we have the right people executing the right things at the right pace," Kadhem says.
