A mobile restaurant ordering and payment platform Waitrr has closed a crowdfunding campaign on FundedHere.
While the amount raised was not disclosed, the 30-day campaign was oversubscribed and beat its initial goal. The capital was raised through 12 registered investors including Tembusu Partners founder and chairman Andy Lim, and OMG Venture CEO Steve Kek.
Singapore-based Waitrr is a mobile ordering and payments platform for the restaurant industry and its used by both dine-in and takeaway businesses. The company has 15,000 customers and 110 restaurants.
The app works by letting customers order their food and make instant payments from their smartphones. Waitrr, which is free-to-use, speeds up the ordering and paying processes and lets customers to split bills with one another.
Capital from the round will be used to bolster end-user acquisition and promotions, as well as for developing new features and expanding outside of Singapore. In the future, Waitrr hopes to form synergies with sectors such as food delivery, e-payments, marketing, tourism and hospitality.
Waitrr founder and CEO Tim Wekezer said, “We are thankful for the enthusiasm and support of the community at FundedHere, which both validates our business model and proves that we are on the right track with our product. We will put these investments to good use in our journey to improve restaurant service and create seamless dining experiences for all.”
Earlier in the year, Tech Ventures acquired fellow payment platform for restaurants MyCheck for an undisclosed amount. The company is a mobile payments platform that helps businesses to access payments at the table and split checks.
Funding levels for payments and remittances companies declined towards the end of 2017, according to data by FinTech Global. The amount invested in the sector declined from $5bn in Q2 down to $1.4bn by the final quarter of the year.
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