Eat Raises USD $2 Million in Funding
Eat has raised a post-seed funding round of USD $2 million, led by Bahrain-based investment fund Pinnacle.
The latest round of investment will be utilized to expand Eat’s existing presence in Dubai and Bahrain, while simultaneously launching in other GCC markets.
Founded in 2014, eat’s consumer facing apps, available on web, iOS and Android, allow diners across Bahrain and Dubai to discover fine-dining restaurants and make real-time reservations. Eat’s consumer app positions itself as providing a curated list of only the very best dining venues per market, and currently has 200 restaurants available in Dubai, including exclusive eateries such as the Palazzo Versace’s Enigma, Hakkasan, and Michelin chef Jason Atherton’s Marina Social. Bahrain’s market currently offers 80 restaurants in Bahrain, including Michelin-led restaurants CUT by Wolfgang Puck and Masso by Chef Susy Massetti. The company’s second product, a table management software, provides restaurants with a comprehensive, iPad-based reservations and table management solution.
“As with all our previous rounds, a significant portion of the investment will go towards marketing and customer acquisition in those markets, while also continuing to build new features in response to the needs of our clients” stated Nezar Kadhem, Co-Founder of eat.
Eat, following an initial investment of $100,000 lead by the Bahrain-based angel investment company Tenmou, launched “eat for restaurants,” an iPad-based table reservations app for restaurants.
In 2015, a further $300,000 was raised through Tenmou, which had gathered notable Bahraini investors such as Fawaz Algosaibi, Redha Fathalla and Mohamed Almoayyed among others. The company’s consumer app, “restaurant discovery and reservations by eat” was launched in the Bahrain market. A third round later, in the same year, they raised another $500,000 from private investors from the GCC and France. They gave the company the ability to expand quickly into the Dubai market after announcements by global competitors of plans to move into the UAE. The company has raised USD $2.9 million in funding to date.
Having seated over 1,000,000 diners in Bahrain, via its software at the end of 2015 and acquired over 90% of the fine-dining market with its restaurant manager product, Eat dedicated the majority of its remaining investment to securing and growing its market share in Dubai.
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