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Chope Receives S$18 Million To Lead Asia's Restaurant Tech Scene

2017-10-16 09:30
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SINGAPORE, Oct. 16, 2017 /PRNewswire/ -- Chope, one of Asia's largest dining discovery and reservations apps, is pleased to announce a S$18M (US$13M) investment led by Square Peg Capital and joined by C31 Ventures and Moelis Australia, as well as existing shareholders including NSI Ventures, Susquehanna International Group, DSG Consumer Partners, and SPH Ventures.

Chope is the most 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 Chope's suite of technologies to manage bookings, queues, CRM, promotions, and pre-payments. The company is a pioneer in building easy-to-use applications for F&B and, in the 6-years since it was formed in a tiny office in Singapore's Orchard Towers, has grown to become a market leader in the highly desirable online-to-offline (O2O) dining technology space.

Tushar Roy, Partner at international venture capital firm Square Peg Capital, said, "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. 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."

The service has also proven to solve a daily problem for diners. 80% of its users are regulars who habitually use the Chope app for discovery, reservations, discounts, and payments whenever they dine out. The app is able to provide 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. Despite being founded 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 is rapidly growing its service to solve this O2O problem across Asia.

Arrif Ziaudeen, CEO of Chope, said, "Chope looks forward to our next stage of growth with this new capital and strategic partnership. With these resources, we are positioned to invest significantly in our USPs of user experience and customer service, while deepening our reach into our markets across Asia."

The company plans to use the growth funding to build better products, enlist a larger salesforce, and enhance customer support. Chope will also invest heavily in further innovations to maintain its status as a leading pioneer in the fast-changing F&B industry. The Company is excited to roll out these improvements to bring a better experience to the region's restaurants and diners.

About The Chope Group

The Chope Group is Asia's leading online restaurant reservations app, currently operating in eight cities (Singapore, Hong Kong, Beijing, Bangkok, Shanghai, Bali, Phuket, Jakarta). With a range of products that meet the needs of restaurateurs, Chope provides online booking channels, improves yield, and assists in efficiently tracking diners' preferences. Their mobile app (www.chope.co/app) and website (www.chope.co) help diners discover the best restaurants and make instant reservations 24 hours a day. For press inquiries, please contact press@chope.co.

Source: The Chope Group
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