SINGAPORE /PRNewswire/
-- The Chope Group (www.Chope.co)
announced today that it has received US$8M (SG$11M)
in an investment round led by F&H Fund Management, a leading
Asian investment firm, along with NSI Ventures, the venture arm
of US$1.8B Northstar
Group.
Prior to this,
the company had raised US$3.5M since
its launch in 2011, making this latest round its largest ever.
Chope
is Asia's leading
online restaurant platform, enabling users to make
instantly-confirmed reservations and queue through Ticktok (a
recent integration allowing Chope to be a full service solution to
busy restaurants) via their phone. Chope also provides marketing
services to restaurants in Singapore, Hong
Kong, Shanghai, Beijing,
and most recently Bangkok.
The company has grown at a rapid pace, more than doubling revenue
and seating over 20 million diners to date.
"As demonstrated
by their remarkable growth, Chope's service provides real value to
both diners and restaurant operators," said John
Wu, chairman of F&H Fund Management. Mr. Wu was
previously the CTO of Alibaba Group from 2000-2007 and was named
China Angel Investor of the Year 2014 by
Entrepreneur, China edition.
"We hope to help Chope expand its platform to more Asian cities,
and accelerate the company's pace of product innovation."
DSG Consumers
Partners, Frontier Ventures, and Singapore Press Holdings also
participated in the latest round of fundraising, as well as other
leading Chinese investors. This is a clear signal that investors
have been impressed by Chope's presence in Southeast
Asia and see ample opportunities for growth
in China.
"NSI's portfolio
is made up of leaders in their respective categories, and we are
impressed by Chope's revenue traction since our last investment.
This investment is a signal of our confidence in Chope's team and
their ambition to become the go-to restaurant booking application
in Southeast
Asia," said Hian
Goh, founder and general partner of NSI Ventures.
Additionally, Duncan
Robertson, CFO of Katerra, Inc., is joining Chope's Board of
Directors. Robertson was a top executive at the world's
largest restaurant reservations company OpenTable, and will use his
considerable experience to position Chope's Asia strategy.
"This investment
and adding Duncan to our Board has further increased Chope's lead
in Southeast
Asia, but this is just the beginning," said Chope's
CEO, Arrif
Ziaudeen. "Thousands of restaurants still use paper, and a
lot of education is needed to make them realize the potential of
being available to mobile-toting diners 24/7."
The most recent
round of funding is the latest in a series of positive developments
for Chope, including releasing a first-of-its-kind Apple Watch app,
and launch of a "What's Happening" feature that enables diners to
see which restaurants friends have dined at.
About Chope
The Chope Group
is Asia's premier
online restaurant reservations provider. With a range of products
to meet the varying needs of restaurateurs, Chope helps restaurants
use online booking channels, improve yield, and keep better track
of their clients' preferences, all while helping diners discover
and reserve or queue at the best and most popular restaurants
through the Chope website (www.chope.co)
and app. Through Chope, diners can make reservations 24 hours a
day, 7 days a week, from anywhere in the world. With over 700
restaurants on the network and millions of diners seated, Chope is
committed to making restaurant dining and discovery easier than
ever before. Chope currently operates in Singapore, Hong
Kong, Shanghai, Beijing and Bangkok.
Press Contact
Annie
Lee
[email protected]
+65-6225-6612