The valuation of Irish digital food ordering solution Flipdish has risen to more than $1.25 billion following an investment of approximately $100 million by Tencent.
Investment Uses
Flipdish will use the investment to grow its global operations, fund R&D in products that improve the hospitality sector's digital experience for consumers, and support new customers such as cinemas, stadia and airports.
Hiring New Staff
Additionally, as part of the investment, Flipdish will be hiring 700 people this year, with the majority of the new roles being technology roles such as software architects, data scientists, engineers and product designers. Other roles will include commercial roles.
Flipdish Co-Founder And CEO Statements
Flipdish co-founder and CEO Conor McCarthy stated, "Digitisation has been transforming the hospitality sector for years. The ongoing pandemic has further accelerated the trend with hospitality businesses becoming increasingly dependent on digital experiences to attract and retain customers. Our investment will help us to empower more hospitality businesses around the world to grow with the best-in-class technology."
McCarthy added, "If you want to see the future of digital customer experience and food delivery, look to China. Tencent is our ideal partner with its track record of supporting food delivery companies. Armed with Tencent's insight and experience, Flipdish will be supercharged in 2022."
Previous Investment And Other Investors
Tencent's new investment follows a £48.5 million that Tiger Global Management made in February of last year.
Tencent will now join existing Flipdish investors Tiger Global, Global Founders Capital, Elkstone, Enterprise Ireland and Growing Capital.
© 2022 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
