Osnabrück-based NeoTaste, Germany’s fastest-growing GastroTech app, announced a €15.1 million Series A extension. The funding round is led by Earlybird, a leading European venture capital investor, with participation from returning investor Burda Principal Investments (BPI), the independent investment arm of Hubert Burda Media. NeoTaste has raised a total of €21 million, adding to the €5.9 million raised six months prior.
CEO Hendrik Sander said: “We are proud to have Earlybird, one of Europe’s leading venture capital funds, join us on our exciting journey with NeoTaste, and we greatly appreciate BPI’s continued trust. With €21 million in Series A funding, we are perfectly positioned to take NeoTaste to the next level on all fronts and realize our vision that has been kept behind closed doors until now.”
The capital from this funding round will support NeoTaste’s ambitious expansion initiatives, including further penetration into European markets following its recent entry into Amsterdam. By the end of the year, the app is expected to be available in numerous additional German and European cities.
NeoTaste developed a win-win situation for the restaurant world and its customers, redefining the interaction between restaurants and customers with its platform. By offering exclusive introductory offers through its app, NeoTaste provides customers with new culinary experiences while giving restaurants the opportunity to expand their customer base. Users gain access to exclusive deals, typically in a 2-for-1 format, while restaurants leverage this opportunity for customer acquisition. Users can take advantage of these deals by subscribing for €4.99 per month (or €2.99 if paying annually). NeoTaste is the first platform to offer such a new customer acquisition opportunity to restaurants free of charge. In addition, the team is already developing additional features to enrich digital interactions between restaurants and customers, including direct reservation capabilities.
Since its launch in September 2021, NeoTaste has experienced rapid growth, attracting over 750,000 users and partnering with more than 3,000 restaurants across 27 cities in Germany.
Currently, the startup is expanding into a new city every week. Moreover, NeoTaste made its international debut in Amsterdam in early February, marking the start of its global expansion efforts
Partner Dr. Christian Nagel and Principal Dr. Maresa Buttlar from Earlybird shared: “Restaurant discovery is broken and no platform has yet combined unbiased searches, attractive discounts, and an efficient booking system. Neotaste sets out to solve this. They have achieved impressive growth through a business model that provides a clear win-win situation, a viral product approach, and focused team execution. We look forward to shaping the future of gastronomy together with team NeoTaste.”
“Our investment in NeoTaste in the summer of 2023 was a clear testament to the company’s impressive growth and potential. The success that has been achieved beyond our expectations, especially in terms of expansion and internationalization, has reinforced our enthusiasm,” added Friedrich von Wulffen, Investment Manager at BPI.
Julian von Eckartsberg, Managing Director Europe at BPI, commented: “We look forward to continuing collaboration with Hendrik, Tobias, and the entire team – now alongside Earlybird as a new and formidable partner.”
Read the orginal article: https://www.eu-startups.com/2024/03/german-restaurant-discovery-app-neotaste-snaps-e21-million-series-a-to-expand-internationally/
