The online food ordering platform dublinbased flipdish 40m global managementlewinsifted has obtained EUR40 million of investment from one of largest investment firms in America.
The company, founded by Conor and James McCarthy and active in 15 European businesses, is planning to increase the customers’ demand in the aftermath of the outbreak.
Tiger Global Management has led the financing of Flipdish it is the company’s the second Irish investment in just one year since it invested in employee communications software firm WorkVivo with an investment round of $16 million in May 2020.
The investment company based in New York’s portfolio contains Airbnb, Facebook, Spotify, Peloton, LinkedIn, Uber and Stripe, the online payment service established by Patrick and John Collison.
Created by the brothers Conor James and Conor James McCarthy in 2015, Flipdish is positioned as an alternative to online fast food delivery companies like Just Eat, Deliveroo and Uber Eats by helping restaurant owners to bring their own ordering online capabilities into their establishment.
The software lets customers order directly from restaurants. It also offers an “white label” application that lets restaurants keep the control of their business data while tapping into the market that is growing of eating out at home.
dublinbased 40m tiger global is currently providing its technology to thousands independent eateries, along with major brands such as Yamamori, Wowburger, Sprout & Co, Dunnes Stores and Eddie Rockets.
The company has experienced an increase in sales following the onset of the pandemic, with 300 percent growth in the last year. It has also branched out to convenience stores in order to offer food delivery on demand.
“We were seeking an investor who could provide the ability to support us as we grow , and evidently Tiger has vast experience helping companies grow from the point we are at to an IPO,” said Conor McCarthy Chief Executive Officer of the company.
Dublinbased 40m tiger global managementlewinsifted has just announced its plans to employ 300 additional employees, operates over 3,000 eateries listed on its platform, with more than 1,000 locations. Revenues have increased tenfold an 40m tiger global managementlewinsifted investment round in the year 2018. Mr McCarthy believes there is of growth potential, but.
“The funds can be utilized to assist us expand in areas which we already have operations including France in addition to Germany. There’s plenty of potential for growth in all of our markets, which is why we have only 2 percent of the market in Britain for instance. In Europe the number of eateries is staggering with thousands that require direct ordering or may end up going out of business.” Mr. McCarthy said.
Flipdish stated that restaurants are gradually shifting away from the popular delivery services because they not only consume up to 30% on the total cost for an order they also are directly competing with them via the development of their own brands.
“The investment aligns with our policy of investing in quality companies that benefit from strong secular growth trends and are managed by top team leaders,” said John Curtius the partner of dublinbased 40m global managementlewinsifted Management.