Choice, a Prague-based B2B SaaS platform for restaurants, has secured €2.3 million in a new investment round, now bringing the company’s total amount raised to just shy of €5 million.
Prague’s J&T Ventures led the round with existing investors, Reflex Capital and Presto Ventures continuing their support of the startup.
The latest investment capital will be used to help Choice scale its service via new market entries in Romania, Kazakhstan, Georgia, and Croatia while it continues growing in its existing markets — Poland, Czechia, Slovakia, Hungary, and Ukraine. Currently active in eight countries, according to Choice, the company has grown 300 per cent over the past year.
Offering restaurants an online B2B subscription-based service that allows for the creation of a website alongside a suite of necessary restaurant-related business tools including online menus with QR payments, table reservations, and a CRM system.
The Choice platform can also be integrated with popular POS systems and marketplaces including Wolt, Bolt, Glovo, Foodora, and Uber Eats.
The startup counts some 16,000 restaurants worldwide as partners, with 5,000+ paying clients utilising the platform. According to the startup, 2023 saw over 2 million orders totalling $42 million made via Choice's partner restaurants.
The company reports and MRR of over $150,000, and says it has plans to increase this number to $450,000 by the end of 2024.
Choice CEO and founder Alex Ilyash further elaborates:
“99 per cent of restaurants don’t know their customers. This is a real challenge for restaurant owners because they don't know who their most loyal guests are, how often they visit the restaurant, what their preferences and allergies are, or how many people stop visiting the restaurant and for what reasons.
“Choice was created with a mission to help restaurants digitise their customer base and increase customer retention and satisfaction. We can already see the positive impact of this digitisation on the development of establishments in various European cities and how it allows us to improve their services.”
Lead image: Choice CEO and founder Alex Ilyash
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