With SPH having invested S$1.81 million (US$ 1.45 million) into Chope, the investment will see SPH owning about 28 percent, valuing the company at S$6.5 million (US$5.2 million).
In Singapore, Chope operates in the same space as HungryGoWhere, which was acquired by SingTel last year for S$12 million (US$9.6 million). Other than Chope and HungryGoWhere, Singapore’s Reserve.it, which recently teamed up with HungryGoWhere, also operates in the online restaurant reservation space.
Here are some figures indicating traction between Chope and HungryGoWhere. In February 2013, HungryGoWhere revealed that they have over 15,000 restaurant listings. Its website also claims to have over 100,000 food reviews, with over 1.1 million unique visitors per month. Chope, on the other hand, has over 224 restaurants listed on its Singapore and Hong Kong sites. In July last year, Chope served over one million dinners.
Other than the e-commerce and e-health portal spaces heating up in Singapore, the food tech has also been really active. The investment by SPH into Chope further solidifies this. Earlier in February, 500 Startups’ founding partner Dave McClure likewised echoed that they will be looking out for more food tech companies, making these among the hottest startups to watch this year.