AUSTRALIA – Cola Amatil has announced it has taken a minority stake in Singapore-based restaurant tech start-up, TabSquare via its corporate venturing platform, Amatil X.
According to the company, TabSquare provides artificial intelligence [AI]-powered smart in-restaurant solutions to improve the restaurant experience for diners and improve operational efficiency for restaurant owners.
It is the second investment made by Amatil X since its launch in April and follows an investment in Australian start-up Doshii in August.
Chris Sullivan, Group Director Partners & Growth, said Amatil X was set up to enable Coca-Cola Amatil to participate in the start-up ecosystem, to leverage start-ups to support the existing businesses and to explore future growth opportunities.
“This includes investing in restaurant tech companies like TabSquare which has developed a solution to benefit restaurants and their customers by using technology to streamline and personalise the dining experience.”
Amatil X was introduced to TabSquare by an employee participating in Coca-Cola Amatil’s corporate accelerator program, Xcelerate.
“Our employee’s startup idea was very similar to TabSquare, so they decided to explore TabSquare rather than reinvent the wheel.
We were impressed by the solution that TabSquare was promoting which has led us to invest in them.
They have a strong team, a clear business model and ambitious growth plans, which include expanding from their established Singapore base to the whole of the Asia Pacific region,” Mr Sullivan said.
TabSquare Co-Founder Chirag Tejuja said TabSquare offered a full suite of solutions for any type of in-restaurant dining.
“Our technology can personalise the entire dining experience for each customer, treating them uniquely, at scale.
We have 6000 active terminals in market, serving 12 million diners annually. We are collecting rich customer data at every interaction, allowing the restaurant to provide a unique and personalised dining experience.
There is a huge market opportunity for TabSquare in this region,” Mr Tejuja said. “The addressable market is more than S$1 billion in South East Asia, Australia and New Zealand alone.
We already have an existing customer base in most target markets and will rapidly grow our footprint in the region with the current round of investment funding.”
TabSquare enjoys a number of strategic backers, including Kakaku.com and Resorts World Inc.