FundedHere Raises Capital For Waitrr

Wednesday, April 25th, 2018 | 1064 Views

FundedHere, a Singapore equity crowdfunding platform, raises capital for Waitrr—a food and beverage mobile ordering and payments application that automates food orders to eliminate users’ wait time—in an oversubscribed 30-day campaign that surpassed its initial target. 

Waitrr’s campaign was funded by 12 registered FundedHere investors, including Singaporean investors Andy Lim, founder and chairman of private equity firm Tembusu Partners, and Steve Kek, chief executive officer of OMG Venture.

It is FundedHere’s third oversubscribed campaign in recent months, following the platform’s raise of S$516,000 (about US$394,000) for medical technology start-up, AEvice Health, and S$300,000 (about US$229,000) for clean technology start-up, EcoWorth Tech, at the end of 2017.

Waitrr speeds up services in restaurants across Singapore by letting diners order food and make instant payments on their smartphone devices. The application contains the full menu of its on-board restaurants. Orders made on the application go directly to the kitchen.

Staff can focus on preparing and serving dishes to customers instead of taking orders and fetching bills, effectively reducing manual error and cutting processing times.

It also offers a takeaway option for many restaurants—a favourite feature particularly during lunch peaks. Users order and pay for their desired meal while still in the office. They can then pick up their meal when they arrive at their desired restaurant without the need to queue.

This application was conceptualised by Tim Wekezer for the 2015 INSEAD Venture Competition, where it won the first place. It was registered as a company that same year, and has since experienced consistent growth. Currently, it has a user base of 15,000 customers and 110 restaurants.

Commenting on the campaign, Mr Wekezer, founder and chief executive officer of Waitrr, says: “We are thankful for the enthusiasm and support of the community at FundedHere, which both validate our business model and prove that we are on the right track with our product.”

“We will put these investments to good use in our journey to improve restaurant service and create seamless dining experiences for all,” he adds.

Waitrr will use the funds from the campaign to ramp up end-user acquisition and promotions, develop new features and expand its business beyond Singapore. The company’s future plans include leveraging synergies with sectors such as food delivery, e-payments, marketing, tourism and hospitality.

Daniel Lin, co-founder and executive director of FundedHere, says: “Our team’s mission is to provide investors in Singapore with opportunities to grow disruptive start-ups in need of alternative funding. We are pleased to have provided Waitrr a platform to reach out to the investor community and look forward to its next chapter of growth.”