TabSquare Raises S$10 Million to Fuel AI-Powered Restaurant Solutions
and Growth in New Markets
The Series B funding for the Singapore-based startup was led by Kakaku.com, with backing from Coca-Cola Amatil, Resorts World Inc and Walden International.
Singapore, 10th October 2018 - TabSquare, a leading provider of AI-Powered Smart In-Restaurant solutions, today announced it has raised S$10 million (US$7.2 million) in Series B financing led by Kakaku.com.
The round, supported by Coca-Cola Amatil, Resorts World Inc and existing investor Walden International, will further enhance TabSquare’s AI-Powered restaurant solutions and accelerate its geographic growth in Asia Pacific including Australia, Indonesia, Malaysia, Singapore and Thailand. The money raised will also help the company double its current headcount to support these efforts.
With the latest funding round, TabSquare now has three highly strategic investors that bring true value, networks and experience to the business by strengthening the three critical elements of the platform: consumers, restaurants and F&B Brands.
TabSquare, founded in 2012 by three INSEAD graduates, Anshul Gupta, Chirag Tejuja, and Sankaran Sreeraman, has rapidly grown to be the leading in-restaurant technology provider in Singapore. The company’s main products are the SmartTab eMenu and the SmartKiosk -- applicable to both sit-down and counter-service restaurants -- uses AI to make personalised menu recommendations and improve customers’ ability to order, pay and deliver feedback.
Chirag Tejuja, Co-Founder said, “TabSquare’s fast-paced growth proves there is a strong demand for innovative and effective technology that can solve issues commonly faced by restaurants in the region such as low restaurant profitability, high staffing costs and language barriers. Restaurants today have many technology solutions available but few have been as effective in impacting their business and customer experience as TabSquare solutions. We have a slew of new products and services in the pipeline that we believe will add even more value to restaurants in the region.”
Through 6000 devices that serve more than 12 million diners and 6 million orders annually, TabSquare’s AI-Powered solutions leverage rich consumer data and deep learning algorithms to better predict demand, personalise offerings and improve the overall diner experience. This has led to greater efficiencies and profits for restaurants. Outlets adopting TabSquare products are seeing tremendous growth, with many restaurants reporting a 10% increase in overall revenue and up to 25% higher average bill value from orders placed using personalised menus.
Anshul Gupta, Co-Founder said, “TabSquare has a very different view of the restaurant landscape and the role AI can play in propelling the industry forward. We believe each diner is unique and should be treated that way. As such, we will continue to invest heavily in AI technology to make it even more effective and personalised using additional data points, and superior algorithms.”
Japan-based Kakaku.com, which runs Tabelog, a restaurant discovery and reservation platform, understands the need for strong data-driven solutions to elevate its own business and the broader ecosystem of restaurants.
Genta Sugihara, Executive Officer of Kakaku's Corporate Development Division noted, “We believe that our strategic partnership with TabSquare provides many opportunities for synergies. As a first step we hope to support TabSquare’s growth and regional expansion by sharing our know-how in food tech and the restaurant industry, based on more than a decade of experience of operating Tabelog. Going forward, we hope to benefit from TabSquare’s insights on in-restaurant user experiences, including AI enhanced recommendations, to explore an opportunity to bring them into the Japanese market."
Chris Sullivan, Group Director of Partners & Growth at Coca-Cola Amatil added, “Coca-Cola Amatil’s pursuit to drive customer focused innovation and efficiency in the food and beverage industry led us to our investment in TabSquare. We were impressed by their AI powered solutions, their strong team, clear business model and ambitious growth plans, which include expanding from their established Singapore base to the whole of the Asia Pacific region.”
Josie Lai, Strategic Investment Lead of Resorts World Inc said, “We believe TabSquare’s AI powered solutions is solving manpower crunch issues as well as creating better in-restaurant customer experiences. Their clear market leading position in Singapore will give them strong leverage expanding into regional markets.”
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TabSquare provides AI-Powered 'Smart' In-Restaurant solutions to the F&B industry that leverage rich consumer data and deep learning algorithms to provide an engaging dining experience for restaurants’ diners and helps to double restaurants’ profitability. TabSquare’s solutions currently collect over 30 million customer interaction data points on a monthly basis. With a unique data-driven approach to restaurant management and customer engagement, TabSquare helps partner restaurants drive higher sales, streamline operations, and provide a better customer experience. A Market Leader in Singapore with customers in Australia, Malaysia, Indonesia, and Thailand.
TabSquare currently has 6000 active terminals in the region, serving over 12 million diners annually. Clients include well-known F&B brands such as Minor Food Group, Sushi Tei, Paradise Food Group, Japan Foods Holding, Zingrill Holdings, Chili’s, Strike Bowling, Old Town White Coffee, and PappaRich.
Additional information is available at www.tabsquare.ai
Founded in 1997, Kakaku.com Inc. is a leading online service provider in Japan with a diverse portfolio in multiple verticals and a proven track record of stable growth and high profitability. In recent years, the company has begun building a presence in Southeast Asia, highlighted by strategic investments in MoneySmart.sg, Singapore’s leading comparison site for personal finance, as well as Love, Bonito, a rapidly growing women’s fashion brand with a strong omni-channel strategy. Based on its mission to “provide services to help consumers make the best choices in life”, Kakaku.com will continue to invest in growth stage companies in Southeast Asia, with a focus on verticals shopping, education, travel or jobs.
For more information, visit corporate.kakaku.com/?lang=en
About Coca-Cola Amatil
Coca-Cola Amatil is one of the largest manufacturers and distributors of ready-to-drink non-alcohol and alcohol beverages, coffee and ready-to-eat food snacks in the Asia Pacific region. Coca-Cola Amatil is also the authorised manufacturer and distributor of The Coca- Cola Company’s beverage brands in Australia, New Zealand, Fiji, Indonesia, Papua New Guinea and Samoa. Coca-Cola Amatil directly employs around 14,000 people and indirectly creates thousands more jobs across the supply chain, partnering with key suppliers to manufacture, package, sell and distribute its products. With access to around 300 million potential consumers through more than 700,000 active customers Coca-Cola Amatil is committed to leading through innovation and building a sustainable future and delivering long-term value to shareholders.
For more information, visit www.ccamatil.com
About Resorts World Inc
Resorts World Inc Pte Ltd (“RWI”), a jointly controlled entity owned by Genting Intellectual Property Pte Ltd (a wholly-owned subsidiary of Genting Berhad) and KHRV Limited, is an investment holding company incorporated in Singapore involved in investments of Tech Startups. Its other principal activities include licensing of intellectual property rights, customer loyalty and development of gaming solutions.
About Walden International
Walden International is a leading international venture capital firm that has provided investors access to crossborder, IT opportunities with the advantage of an unrivalled panAsia network since 1987. The firm's funds total US$2.8 billion in committed capital. Walden International has invested in over 500 companies in 12 countries, with in excess of 100 IPOs on 15 stock exchanges and more than 70 M&A exits. Walden's investments include Meituan-Dianping, Best Logistics, Creative Technology, JobStreet, Brandtology, HungryGoWhere, YFind Technologies, SINA, MindTree, Semiconductor Manufacturing International Corp., GoPro, AutoNavi, Inphi, Silergy Corp., Ambarella, Ndoors, Com2uS, SundayToz, iKang Healthcare, Sinosun Technology and Solaredge Technologies.
For more information, visit www.waldenintl.com
Matthew de Bakker
Mutant Communications for TabSquare
+65 6221 7239
Regional Manager, Marketing & PR
+65 8342 7059