Spain-based foodtech startup Katoo has secured €3 million in a funding round held in November 2020 from investors namely Flash Ventures, Otium Capital and Marcos Alves Cardoso (co-founder and CEO at ElTenedor).
Proceeds from the funding round will be used by the startup to maintain its leadership position in the countries of Italy, Spain and Portugal. It also intends to increase its customer base and develop its technological product with the funding.
Founded in July 2019 by Diogo Cunha, Karan Anand and Carlos Esquivel, Katoo builds tools for restaurants and suppliers that save time and help in better management of orders. The startup’s vision is to fast-track the digitization of the hospitality sector through a very simple mobile application that easily connects restaurants with their suppliers.
Since its inception, Katoo has built a network of more than 3,000 restaurants and suppliers that place and accept orders through its platform. When the COVID-19 pandemic began, Katoo witnessed that the average number of restaurant orders drop significantly, from an average of 12 orders per week to an average of 8, implying a decline in industry sales as well. Post this situation, Katoo created a range of analytical tools that many clients are already using to analyze and reduce their costs.
In the approaching months, the startup plans to launch more tools and services to aid the restaurant sector in these difficult times as it did during the first wave with the launch of the #CuandoVolvamos initiative in Barcelona. Co-founder Diogo Cunha said raising funds during times like this has been quite challenging and the fact that Katoo was able to do so proves that investors understand that more and more restaurants will be looking for solutions that increase their efficiency and reduce their costs, especially in recent times.
Co-founder Karan Anand also said that they launched Katoo with the aim of offering a digital tool to restaurant owners looking to increase control over their business’ expenditures. To this day, 99% of restaurant professionals continue to order from their suppliers by telephone, email, WhatsApp and even fax. With Katoo, the startup is set to provide all kinds of restaurants, from traditional bars to groups of 30 or more outlets, with a completely free tool that enables them to have full control over what they are ordering.
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