Restaurant reservations platform Eat secures investment from Middle East Venture Partners
Middle East Venture Partners (MEVP) has made an investment in Eat, a 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.
Eat started its journey in Bahrain and has raised US$3.4m to date, and MEVP joins existing Eat investors including 500 Startups, Pinnacle and Tenmou.
Eat now has 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 US$250m worth of orders for restaurants in mainly two countries so far, Bahrain and UAE. 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%.
Eat's growth has been driven by demand for its cloud products by large F&B operators such as The Four Seasons, Ritz-Carlton, and Radisson Hotels, as well as through strategic partnerships with restaurant discovery platforms including TripAdvisor, Google and TimeOut.
MEVP's investment will help accelerate Eat's growth as well as provide expertise in SaaS, scheduling software and overall technology to restaurants.
MEVP partner Walid Mansour said in a statement: "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."
"Eat's goal is to bring best-in-class software to restaurants and diners and become a central point to the multitude of online channels that make up today's F&B landscape," added Eat CEO Nezar Kadhem. "This investment gives us additional resources to continue to develop this vision regionally, as well as strategically expand into new global markets."