The Southeast Asia based restaurant booking company Eatigo has raised a considerable amount of funds from its existing investor TripAdvisor. The funding amount has not been disclosed yet.
The other sources, however, claim that the funding amount was $9.5 million making the whole capital raised by the firm to about $25 million. The valuation of the company till now was $15.5 million and after the latest funding, it has raised.
The funds so raised will be utilized for the further expansion in markets “within Southeast Asia and beyond,” though the company’s “key focus remains within Asia.”
“TripAdvisor has been helpful in optimizing our efficiency, sharing best practices for organizational structures, and cooperating in the commercial field,” said Michael Cluzel, Eatigo co-founder and CEO.
“As we grow, our principal development plan is to expand organically. That being said, we always keep an open mind for any opportunities where market consolidation makes business sense,” he added.
Eatigo operates with restaurant owners to fill those empty tables and offers valuable discounts at off-peak hours. The company claimed that it serves more than 4 million users across 6 countries currently, following its existence in Singapore, Hong Kong, Thailand, Philippines, Malaysia and India.
Also, TripAdvisor along with TheFork will help Eatigo in the development of its regional expansion strategy. The company stated that it has around 4 million eateries listed on its reviews site, where TheFork serves about 50,000 establishments across 11 countries.
Bertrand Jelensperger, senior vice president of TripAdvisor Restaurants and founder of TheFork said, “Our continued partnership with Eatigo will help us both better serve millions of diners and restaurant owners who are increasingly turning to online channels.”
Eatigo currently operates in 6 countries where its model is based around a platform that helps restaurants to receive bookings during off-peak hours by giving discounts to people who book in advance. The latest funding may be beneficial for the company and help it to grow and expand with the support of TripAdvisor and The Fork.