Flipdish has received a c.$100m investment led by Tencent, valuing the company at over $1.25bn.
This follows a $48.5m investment from Tiger Global Management in February 2021.
The investment will be used to grow global operations, fund R&D in products that improve the hospitality industry’s digital experience for consumers and support new customers like cinemas, stadia and airports.
Founded by brothers Conor and James McCarthy in 2015, Flipdish allows hospitality businesses to deliver seamless consumer digital experiences which drive business growth. The company provides technology that powers QR code order & pay at table, online ordering for collection & delivery, self-service kiosks, customer loyalty, and digital marketing.
Conor McCarthy, Co-Founder and CEO of Flipdish, said: “Digitisation has been transforming the hospitality sector for years. The ongoing pandemic has further accelerated the trend with hospitality businesses becoming increasingly dependent on digital experiences to attract and retain customers. Our investment will help us to empower more hospitality businesses around the world to grow with the best-in-class technology.”
Tencent will join existing Flipdish investors Tiger Global, Global Founders Capital, Elkstone, Enterprise Ireland and Growing Capital.
McCarthy continued: “If you want to see the future of digital customer experience and food delivery, look to China. Tencent is our ideal partner with its track record of supporting food delivery companies. Armed with Tencent’s insight and experience, Flipdish will be supercharged in 2022.”
Flipdish has seen rapid revenue growth across multiple markets in 2021, fueled by restaurant owners bringing their online ordering capability in house, rather than relying on a food delivery marketplace.
As part of the investment, Flipdish will be hiring 700 people in 2022. The majority are technology roles such as software architects, data scientists, engineers and product designers. Others include a host of commercial roles.
Numis acted as sole financial advisors to Flipdish.