Funding

[Funding alert] Osnabrück-based NeoTaste Secures €15.1 Million in Series A Extension Funding

Mar 15, 2024 | By Startup Rise EU

Osnabrück Its gastrotech app with the fastest rate of growth in Germany, NeoTaste, has announced a €15.1 million Series A extension. Leading European startup capital firm Earlybird is leading the funding round, and returning investor Burda Principal Investments (BPI), Hubert Burda Media's autonomous investing division, is also participating. In addition to the €5.9 million raised six months earlier, NeoTaste has raised a total of €21 million.

Osnabrück Its gastrotech app with the fastest rate of growth in Germany, NeoTaste, has announced a €15.1 million Series A extension. Leading European startup capital firm Earlybird is leading the funding round, and returning investor Burda Principal Investments (BPI), Hubert Burda Media's autonomous investing division, is also participating. In addition to the €5.9 million raised six months earlier, NeoTaste has raised a total of €21 million.

Read also - London-based Cogna Secures £3.76Million in Funding

CEO Hendrik Sander said: “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.”

It's aggressive expansion plans, which include additional market penetration into Europe after its recent entry into Amsterdam, will be supported by the funds raised from this fundraising round. The app is anticipated to be available in many more German and European cities before the end of the year.

It updated the rules for the relationship between restaurants and patrons through their platform, creating a win-win scenario for both parties. NeoTaste gives clients access to new culinary experiences and establishments the chance to grow their clientele by providing special introductory offers via their app.

Read also - London-based Ada Ventures Secures €73.7 Million in Funding

It has grown quickly since its September 2021 launch, drawing up over 750,000 users and forming partnerships with over 3,000 eateries in 27 German cities. At the moment, the firm is opening a new location every week. Additionally, NeoTaste began its global expansion efforts in early February when it made its debut abroad in Amsterdam.

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Partner Dr. Christian Nagel and Principal Dr. Maresa Buttlar from Earlybird shared: “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.”

Friedrich von Wulffen, Investment Manager at BPI said, “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 internationalization, has reinforced our enthusiasm,”.

Julian von Eckartsberg, Managing Director Europe at BPI, commented: “We look forward to continuing collaboration with Hendrik, Tobias, and the entire team – now alongside Earlybird as a new and formidable partner.”

About NeoTaste

NeoTaste is an app that helps you find local eateries and cafes. They have succeeded in bringing guests and gastronomy together digitally, which has new benefits for both parties. Restaurant owners can maximise their use and attract new clients using NeoTaste.

Customers can locate the best bargains at the hottest restaurants in town on NeoTaste, a free marketing platform for restaurateurs. The ability to tailor offers to the average occupancy rather than having to offer them at all times of the day is the biggest additional value for restaurateurs.

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