Thailand-based restaurant booking platform Eatigo announced that it has raised a Series B funding from major travel information platform TripAdvisor. The investment was made through TripAdvisor’s global restaurant reservation brand, TheFork.
This is TripAdvisor’s first move into Southeast Asia, and its first investment in a startup.
While the amount was undisclosed, Eatigo said that this Series B round, coupled with its prior Series A investment in December 2015, will bring its war chest to US$15.5 million.
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The newly-raised capital will be used to help Eatigo launch into new markets in Southeast Asia.
Eatigo’s business model is based on time-based discounts, which attracts customers during off-peak periods with bigger discounts, in order to reduce the incidence of empty tables. It has 700 partner merchants that offer discounts all day, every day. All of the merchants offer 50 per cent discounts on all food items at some time during the day.
Currently, Eatigo is only available in Thailand and Singapore. It claims it experiences a Month-on-Month (MoM) growth of over 20 per cent in both reservations and revenue.
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When quizzed on why Eatigo sought to raise funding via TripAdvisor, Eatigo’s CEO and co-founder Michael Cluzel said: “We have traditionally shown a preference for strategic investors over VC funding and we still do. We see massive synergies that TripAdvisor can bring to the table to help us scale/expand as well as drive revenue.”
Eatigo is currently working on a slew of new features, including loyalty programmes and “a new layer of algorithms that will enhance user experience,” said Cluzel.
Image Credit: Eatigo