Ireland’s newest unicorn Flipdish hits $1.25bn valuation after raising c.$100m
18 January 2022 | 0
Flipdish, Europe’s leading online ordering and digital experience platform for hospitality, has received a c.$100m investment led by Tencent. The funding values the company at over $1.25bn and follows a $48.5m investment from Tiger Global Management in February 2021.
The group says 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, the unicorn provides technology that powers QR code order and pay at table, online ordering for collection & delivery, self-service kiosks, customer loyalty, and digital marketing.
“Digitisation has been transforming the hospitality sector for years,” said Conor McCarthy, co-founder and CEO of Flipdish. “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.
Flipdish currently operates in 25 countries including France, Germany, Ireland, Spain, the UK and the US, with thousands of independent restaurant customers including some well known Irish brand leaders such as Dunnes Stores, Romayo’s, Base Pizza, Bombay Pantry, The White Moose Cafe and Mao as well as major international brands like Subway, Cojean, and Galeries Lafayette. Flipdish also works with some of the world’s largest ghost kitchen companies, which partner with the likes of TGI Friday’s, White Castle, Dickey’s BBQ Pit, and many more.
The company 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, the rapid adoption of their on-premise solutions like QR Code Order & Pay, and the growth of exciting new verticals like dark kitchens.
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.