EatTasty in €1.1 million investment round
The Portuguese dark kitchen concept startup EatTasty has just completed a €1.1 million seed round through venture capital company Indico Capital Partners.
The cash investment will be used by the startup to consolidate its presence in Spain after it had successfully launched in Lisbon and Madrid.
Although Indico led the investment, co-investors included Grupo Ibersol, one of the leaders in the fast-foods market in Spain, and Business Angels such as Shilling Capital Partners, Singularity Capital and Olisipo Way among others.
The ‘dark kitchen’ has been gaining ground in some world capitals as a result of unfavourable market conditions. Also known as “ghost restaurants” these delivery only establishments are becoming more common. They have no physical restaurant premises in the conventional sense, where diners walk in, sit at a table and have a meal. Instead, their food is only accessible online or through a mobile app and solely via home delivery.
In the case of EatTasty, restaurant kitchens off peak meal times are used to produce meals designed together with the startup and the concept has already been a success in Lisbon.
Rui Costa, one of the co-founders of the company he started with Orlando Lopes, said, “We have come up with a business model that works and has created a lot of demand from office workers as well as restaurant owners who want to make profitable use of their kitchen space during quiet periods.
“Most of our kitchens currently already prepare over 150 meals per day, are designed for delivery and have a much lower cost than other online food delivery companies.”
Stephan Morais, co-founder of Indico worth Ricardo Torgal and Cristina Fonseca, says that the “EatTasty’s results and margins are very encouraging because of the way that the company manages its operations.
“There are more and more office workers who choose to get their food delivered at work and since orders can be taken up to 12 Noon, the food is delivered at a price that is often half of those practiced by other online eateries”, he adds.