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Flipdish €40m Tiger Investment


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CategoryBusiness
DateFriday, February 12, 2021
AuthorNewsDesk@IrishDev.com

Flipdish €40m Tiger Investment

New York Based Investment Company Tiger Global Management to Invest €40m into Dublin Food Ordering Tech Company Flipdish

Flipdish, the Irish based online ordering and loyalty platform for takeaways and restaurants, has announced a €40M injection from US investment firm Tiger Global Management. 

 

Tiger Global's John Curtius said their €40m Flipdish investment fits their strategy of investing in high quality companies that are benefiting from powerful secular growth trends and are led by excellent management teams (photo Business Insider)

Flipdish has seen massive growth over the last year, riding the surge in the 'order-in' opportunity brought about by the Covid-19 pandemic and the need for restaurants and takeways to drastically change their business model.

 

Founded by brothers Conor and James McCarthy in 2015, Flipdish’s digital ordering and marketing system allows restaurant owners to directly accept digital orders at a lower cost than aggregator platforms, and with more control over the customer experience.

 

New-York based Tiger Global Management focuses on global internet, software, consumertech and fintech companies. Its previous early-stage investments include Facebook, LinkedIn, Uber, Airbnb, Peloton, Flipkart, and Stripe, currently one of the world's most profitable companies founded by the Limerick brothers Patrick and John Collison.

 

Flipdish says it is already serving thousands of independent restaurants across Ireland, France, Germany, Spain, UK and the US, and the Tiger Global investment will enable them to continue growing its international footprint, and to continue building a world class product for its restaurant partners.

 

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John Curtius (pictured), Partner at Tiger Global Management, said; “Flipdish is the European leader in the restaurant tech market, powering thousands of restaurants and QSRs across the region. The investment fits our strategy of investing in high quality companies that are benefiting from powerful secular growth trends and are led by excellent management teams.”

 

Commenting on the Tiger Global investment, which joins previous investments by Global Founders Capital, Elkstone, Enterprise Ireland and Growing Capital, Conor McCarthy, Co-Founder and CEO of Flipdish said; “The pandemic has brought home to restaurants how critical it is to build a direct digital relationship with their customers. Many are fed up of competing with the food delivery marketplaces for that customer relationship, drivers and real-estate and worry that they are planning to siphon away their customers by building a network of competing brands and virtual restaurants in their local area.”

“We are delighted that with its deep domain expertise and intimate knowledge of the competitive landscape, Tiger Global has selected Flipdish as the best investment opportunity in this space in Europe. Flipdish’s mission is to protect and power a diverse, independent food sector, and every cent of this investment will go towards realizing that goal.”

McCarthy concludes; “It’s not just the hospitality industry that needs to deliver food and eliminate queues in a post-COVID world. Cinemas, stadia and airports are just a few examples of places that will be deploying our technology to keep consumers well-fed and safe.”

 

In December 2020, Flipdish announced the creation of 200 jobs over the next 12 months mainly in software engineering and customer support.

 

 

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