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MEVP Invests in the Bahraini Startup ‘Eat’
Middle East Venture Partners (MEVP), one of the largest and most established venture capital firms in the MENA region, today announced an investment in Eat, MENA’s fastest-growing real-time reservation platform for restaurants.
Eat offers restaurants a cost-effective online reservation and table management system that enables users to reserve a table online in real-time. Equipped with powerful tech and a superior front-end experience, Eat is building a whole ecosystem around its core SaaS offering that aims to fulfill much of a restaurant’s “front of the house” needs.
Eat started its journey in Bahrain where it is today the leading player and has raised $3.4M to date, including an investment from 500 Startups. It is now experiencing accelerated growth across MENA with customers in Bahrain, UAE, Kuwait, Saudi Arabia, amongst others. Eat also has paying customers based outside the region, from over 35 countries globally.
Eat has seated more than 3.5 million customers to date, generating over $250M worth of orders for restaurants in mainly two countries so far, Bahrain and UAE. It experienced more than 50 percent growth in covers in some recent months. On the supply side, Eat has grown its restaurant base four times over the last 12 months since it started focusing on its table management SaaS and its monthly revenues by over 250 percent.
MEVP's investment will help accelerate Eat's growth as well as provide expertise in SaaS, scheduling software and overall technology to restaurants.
Walid Mansour, Partner at MEVP said, “Eat is a true success story out of the Bahraini entrepreneurship ecosystem. We believe Eat is well poised to become the leading provider of tech solutions to F&B players across MENA - beyond its current core markets and beyond table management. We think the Eat team has what it takes to make this happen. In fact, the most recent growth figures are a testament to superb execution capabilities. MEVP will support Eat, building on our experience in SaaS regionally and globally.”