Taster raises $8 million to scale online restaurant brands
Taster, the London-based company behind a range of highly-successful delivery-only online restaurant brands, has raised $8 million in Series A funding.
The investment was raised from Battery Ventures, Heartcore Capital, LocalGlobe, Marc Ménasé (Founders Future) and other existing investors.
The online food delivery space has seen enormous growth in recent years and has driven the success of some of the biggest names in tech today, from on-demand delivery services to delivery-only kitchen operators.
Digital food brands devised from the ground up for food delivery and optimised through technological innovations are the next frontier for the online food delivery market, which is expected to be worth $365 billion by 2030.
Founded in 2017 by Anton Soulier, previously one of the first employees at Deliveroo, Taster creates and operates online restaurant brands available through on-demand food delivery platforms.
The company is experiencing 30% growth month-on-month, and currently operates three different restaurant brands across London, Paris and Madrid. Taster has a team of 115 employees, of which 100 are chefs, and has served over 400,000 meals to date.
Taster’s rapid growth is due to the success of its three delivery-only restaurants: Mission Saigon, O Ke Kai, and Out-Fry.
Each was devised in partnership with renowned chefs, one of whom holds two Michelin stars, and each offers a unique dining experience, quality ingredients, rapid service, and food made for delivery.
These restaurants deliver their meals through popular food delivery services like Deliveroo, UberEATS and Glovo, and prepare meals in local kitchens designed specifically for food delivery.
This approach allows Taster to offer its customers quality food without compromise, and enables customers to have meals from a Taster restaurant delivered in less than 20 minutes on average.
Taster has developed a host of technological innovations to help rapidly deploy its restaurants in new areas, seamlessly integrate across delivery platforms, and automate supply chain and billings, including an algorithm that accurately predicts the right amount of ingredients to order and prepare for each of their restaurants’ dishes on a daily basis.
This drastically reduces food waste, and also ensures restaurants operate as efficiently as possible.
“Since launching Taster just two years ago, we have been bowled over by the incredible reception our restaurants have received”, said Taster CEO and founder Anton Soulier.
“This is testament to the passion and expertise our chefs bring to our kitchens every day, the huge consumer demand for quality food devised and crafted especially for on-demand delivery, and the benefits of a hyper-local business model.
“Delivery platforms are fast becoming the new high street, and the infrastructure is now in place for food to go online; with Taster, we want to build iconic restaurant brands for this new era.
“We couldn’t be happier to welcome a host of impressive investors with our funding, which will help us reach more people across the UK, France and Spain, launch exciting new restaurant brands, and double down on our technology offering.”
Funding to boost recruitment, marketing and technology
Today’s investment will be used to recruit talent across tech & engineering, supply chain and marketing, and to develop new operational and procurement technologies, the company said.
Taster plans to launch three new online restaurant brands by the end of the year, and will also be expanding its coverage across the entirety of Paris, London and Madrid by the end of 2019.
“The on-demand economy is revolutionising multiple industries, and restaurants are at the forefront of this trend”, said Scott Tobin, General Partner at Battery Ventures, who led the investment for his firm.
“The team at Taster is staking out a new frontier in food delivery, leveraging cutting-edge technology and posting impressive traction to date with its three strong, delivery-only brands.
“We are delighted to be partnering with Anton and his team as Taster continues to expand its offering and international presence.”