TLDR:
Choice, a Prague-based B2B SaaS platform for restaurants, recently raised €2.3 million in funding to help digitize restaurant customer bases and increase customer retention. The funding will be used to scale services in Central and Eastern Europe and existing markets. The platform allows restaurants to create websites, manage online menus, reservations, and more, integrating with popular POS systems and marketplaces. Choice currently works with over 16,000 restaurants worldwide and plans to increase MRR to $450,000 by the end of 2024.
Article Summary:
Choice, a B2B SaaS platform for restaurants based in Prague, raised €2.3 million in a new investment round, with J&T Ventures leading the Late-Seed round. The funding will be used to expand services to new markets and grow in existing strong markets. Choice allows restaurants to digitize customer bases and increase retention by providing a platform that covers all necessary business tools, such as websites, online menus, reservations, and CRM systems. The platform can integrate with popular POS systems and marketplaces, allowing restaurants to interact with guests on a single platform with a single client database.
Choice currently operates in eight countries, working with over 16,000 restaurants worldwide. The platform aims to digitize approximately 80% of customer bases, collecting data on preferences, frequency of visits, and other useful information. With a current MRR of over $150,000, the company plans to increase this number to $450,000 by the end of 2024. Investors such as Reflex Capital and Presto Ventures have shown confidence in Choice’s growth trajectory, highlighting the platform’s ability to cover all restaurant needs and provide a unique selling proposition compared to competitors.
Choice’s CEO and founder, Alex Ilyash, emphasizes the importance of helping restaurants understand and retain their customers, noting that 99% of restaurants don’t know their customers well. Through digitization and data collection, Choice aims to improve restaurant services and customer satisfaction. The company’s positive impact on European establishments and exponential growth demonstrate its potential to become a market leader in the CEE region.
