Eat, a restaurant booking app, has raised $5 million in a Series B round of funding.
In an exclusive statement to WAYA, the company’s founder, Nezar Khadem, said that the company plans to use these new investments to expand from 1,000 to 5,000 restaurants in the Middle East, and that the expansion will start with Saudi Arabia.
Khadem also advised fellow entrepreneurs to be wary that attracting new investments takes time, and that each company must be patient. Khadem added, “Do not rush to receive, and never settle with conditions that may threaten the continuity of your company. Even if the deal fails, you’ll find another fund that wants to invest in you.”
Eat was founded in 2014 in Bahrain and following an initial investment of $100,000 led by the Bahrain-based angel investment company Tenmou, launched “eat for restaurants,” an iPad-based table reservations app for restaurants. The round was led by Startup 500, the Derayah Venture Fund, and the MEVP, in addition to various angel investors and family members.
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