Dining discovery and reservation app Chope has received S$18-million (US$13-million) investment led by Square Peg Capital and joined by C31 Ventures and Moelis Australia. The existing shareholders of Chope include NSI Ventures, Susquehanna International Group, DSG Consumer Partners and SPH Ventures.
Chope is a widely used restaurant booking system in Asia, with more than 3,000 F&B clients across Singapore, Hong Kong, mainland China, Indonesia and Thailand using the system’s suite of technologies to manage bookings, queues, customer relationship management (CRM), promotions and pre-payments.
The company said it is a pioneer in building easy-to-use applications for F&B and, in the six years since it was formed in a tiny office in Singapore’s Orchard Towers, it has grown to become a market leader in the highly desirable online-to-offline (O2O) dining technology space.
“We are impressed by Chope’s success in capturing a leading position in Asia’s most attractive, growing dining markets in the premium dining segment,” said Tushar Roy, partner at Square Peg Capital, an international venture capital firm.
“Chope offers a compelling service to both restaurants and diners, and we are excited to contribute our expertise and capital to substantially expand the business.”
Chope offers a compelling service to both restaurants and diners, and Square Peg Capital is excited to contribute its expertise and capital to substantially expand the business.
Chope said 80% of its users are regulars who habitually use the app for discovery, reservations, discounts and payments whenever they dine out. The app provides real-time information faster and more accurately because restaurants rely on Chope’s table management system to keep track of their inventory of available tables, the company added.
While the app was deployed first in Singapore, over 60% of Chope’s restaurants are now in other cities, with its fastest-growing operations being in Shanghai, Hong Kong and Indonesia.
The company plans to roll out improvements to bring a better experience to the region’s restaurants and diners. The growth funding will be used to build better products, enlist a larger sales force and enhance customer support.
“Chope looks forward to our next stage of growth with this new capital and strategic partnership,” said Arrif Ziaudeen, CEO of Chope. “With these resources, we are positioned to invest significantly in our USPs (unique selling propositions) of user experience and customer service while deepening our