VENTURE capital fund Nest Tech has invested an undisclosed sum in Singapore food and beverage technology startup, Waitrr, in its pre-series A round.
Nest Tech, which invests in seed-stage technology startups, will have a minority stake in Waitrr. It will support the company's expansion into South-east Asia, particularly Vietnam and Myanmar, where the fund has a strong presence. Waitrr's food-ordering app allows restaurants to offer mobile ordering by automating order taking and payment processes, which the company says will help restaurants increase sales and capture data points.
It does not charge its partners upfront, but runs on a commission and subscription model where merchants pay a monthly subscription, and a commission fee for every order that goes through the platform. Waitrr added that orders through its platform is growing 25 per cent month-on-month.The company said the app helps restaurants raise staff-efficiency by 40 per cent and table turnover by 20 per cent on average. In addition, its fully integrated loyalty and rewards programme helps retain customers.