Singapore-based Jubilee Capital Management (JCM), a venture capital firm that invests in early-stage tech startups, has joined Amino Capital in a $3 million Series A investment into New York-based Menusifu, a provider of software management solutions that allows restaurants to cater to mobile-first customers.
JCM co-founder and Chinese entrepreneur Stanley Zhang said, “Menusifu bridges the gap between the traditional dining culture and new millennial habits and empowers restaurants to transition to the digital era.”
Since the first close of the Jubilee Tech Fund at $100 million, JCM has invested in fintech startups Spark Systems and Latipay; and peer-to-peer car rental platform Start, which moved their Singapore peer-to-peer car rental platform to a premium, lifestyle upgrade car sharing platform in Beijing. The firm invests in the Internet, IT, telecom, media, and consumer sectors in Asia.
Menusifu is the fourth addition to their portfolio and provides fast food and full-service restaurants with a comprehensive cloud-based point of sale platform that increases efficiency, reduces costs and improves customer engagement.
It helps F&B operators achieve this by streamlining and digitising the restaurant back and front-end processes such as supply chain management, online ordering platforms, dine-in self-management tool, as well as marketing services and data analytics reporting.
Menusifu’s platform also provides a mobile payment solution integrated with China’s two biggest mobile payment applications, Alipay and WeChat Pay, as well as loyalty programmes on social media and app platforms. This leverages on the growth in China’s burgeoning outbound market, which sees over 100 million Chinese tourists, business travellers, and students abroad annually.
It facilitates familiar customer experiences, such as table-side mobile payment, the use of QR codes and mobile apps to facilitate ordering and transactions, and the ability to pay with Chinese currency, withdrawn directly from their bank account or digital wallet. This translates to Menusifu possessing strong potential to expand beyond the US.
With the US restaurant industry representing nearly $800 billion in annual spending in the US, technology to improve all aspects of restaurant operations has attracted $2.5 billion from investors since 2012, according to data compiled by CB Insights.