Lisbon and Madrid, July 26th 2019 – Indico Capital Partners has just announced an investment in EatTasty. The company uses under-utilized kitchen space for outsourcing the production of its daily lunch menus for hyperlocal delivery in nearby office blocks.
The 1.1 million Euros Seed round will see the company consolidate its presence in cities in Spain after the successful launch in Lisbon and Madrid. This round was led by Indico, with the participation of Ibersol, one of the leading fast food retailers in Iberia, and angels Shilling Capital Partners, Singularity Capital and Olisipo Way, among others.
The dark kitchen concept has begun to take shape in the recent years, whereby kitchens are used solely for online sales and subsequent delivery. In the case of EatTasty, restaurant kitchens that are under-utilized are contracted for the production of meals before they start attending to their own customers. EatTasty, has successfully launched in Lisbon and more recently in Madrid. The current round will see it expand its footprint in the Spanish capital and a few more cities across the Iberian countries.
Rui Costa, Co-Founder with Orlando Lopes noted that “we have found a business model that works and clearly there is unmet demand for this type of solution - specially for restaurant owners. Currently, most of the kitchens are cooking over 150 meals each for lunches on a daily basis. Our meals are designed for delivery, to be affordable and very tasty as expected. The round was engineered by Indico and joined by great co-investors so we are very confident that we will grow at an even faster pace from now on”.
Stephan Morais, Managing General Partner at Indico stated that “The unit economics of EatTasty are very positive because of the way the company organizes its operations. Office workers can order their lunch until 12pm and get it delivered warm to their desk or meeting for roughly half the price of typical food delivery brands. It´s all about optimizing operations and costs, while delivering great quality. We are thrilled to back the team”.
About Indico Capital Partners
Indico Capital Partners is a leading institutional independent early stage VC fund in Portugal. The experienced Partner team works to identify, invest and nurture the most promising Portuguese and Spanish early stage startups in the areas of B2B SaaS, Artificial Intelligence, Marketplaces, Fintech and Cybersecurity and B2C Platforms. Indico invests between 150 thousand and 5 million Euros per company. The team previously invested in companies such as Farfetch, Unbabel, Codacy and Talkdesk, amongst other Portuguese based global success stories.