Singapore-based restaurant management platform provider TabSquare has raised S$3.5 million ($2.57 million) in its Series A funding round led by Walden International, with participation from Infocomm Investments Pte Ltd, Phillip Private Equity and serial investor Ivan Lee’s private investment vehicle, Raging Bull.
The funding is raised to enhance its platform, although the startup did not detail its plans in its announcement.
The startup which offers an integrated cloud-based operations management and customer engagement platform for the food & beverage (F&B) industry. It is focused on solving the more critical pain points that are core to a restaurant’s profitability and which impact 90 per cent of the restaurant revenues.
“Restaurants today are faced with scattered technology offerings – be it reservations, reviews, delivery or loyalty – that impact less than 10 per cent of the restaurants’ revenues and addresses only some of their pain points,” TabSquare noted in its press statement.
Its platform has three main offerings – TabSquare SmartTab, a customized tablet menu on which customers can view dishes, get recommendations, place orders, redeem promotions and even pay their bills, without waiting for the waiter; TabSquare SmartApp allows the restaurant to build their business beyond the physical store; and TabSquare Nucleus, the cloud-based data warehouse and analytics engine, allows restaurant owners to update the menu on-the-fly as well as provide data analytics to understand consumer behavior and spending patterns.
Its easy-to-adopt platform is Integrated with the leading point-of-sale (POS) systems in the region.
The startup is founded by three INSEAD graduates, Anshul Gupta, Chirag Tejuja and Sankaran Sreeraman.
General Manager of Infocomm Investments, Pang Heng Soon commented that TabSquare’s platform offers solutions that improves productivity by lowering labour and operational costs while powering-up revenues with data-driven, customised recommendations for diners.
“We see this as a strong value proposition not just in Singapore but also for the international markets,” he said.
TabSquare counts over 60 F&B brands and more than 150 stores as customers.
Current customers include some of the established players in the industry like Far East Hospitality, Food Theory Group, Global Retail Partners, Japan Foods Holding, and other well-known brands including Nihon Mura, Bistro 1855 and Wala Wala Group.