Gastrotech app NeoTaste today announced the successful closing of its Series A funding round.
The company has raised a total of €21 million, with €15.1 million secured as a Series A extension, adding to the €5.9 million raised six months prior.
Founded by Hendrik Sander and Tobias Düser, NeoTaste operates the fastest-growing German platform for connecting restaurants and customers.
By offering exclusive introductory offers through its app, NeoTaste provides customers with new culinary experiences while allowing restaurants 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 use 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.
Since its launch in September 2021, NeoTaste has experienced rapid growth, attracting over 750,000 users. It has also partnered with more than 3,000 restaurants across 27 cities in Germany and expanded into Amsterdam in early February.
Earlybird Venture Capital led the round, with participation from returning investor Burda Principal Investments (BPI), the independent investment arm of Hubert Burda Media.
CEO Hendrik Sander says:
“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 further penetrate 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.
Partner Dr. Christian Nagel and Principal Dr. Maresa Buttlar from Earlybird share:
“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 internationalisation, has reinforced our enthusiasm,” said Friedrich von Wulffen, Investment Manager at BPI.
Lead image: Neotaste. Photo: uncredited.
