South Korean table-ordering service provider t’order has secured $23m in Series B round, overcoming a downturn in the country’s startup investment market and achieving a valuation of $230m.
The Series B round saw participation from the Korea Development Bank, LB Investment and others, reflecting confidence in t’order’s potential for rapid expansion.
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Investors have shown interest in the company’s significant expansion beyond the restaurant industry, venturing into the hospitality and advertising sectors.
This adaptability is seen as an important factor in the company’s growth prospects both within South Korea and abroad.
Following the initial tranche of Series B funding, t’order is now looking for additional investments from global venture capital firms, including those based in Silicon Valley.
t’order CEO Austin Kwon stated: “Our ability to diversify our business model – extending beyond the food service sector to hospitality — has been key in attracting positive investor sentiment. With interest from global investors, we are focused on delivering strong international performance.”
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By GlobalDataFounded in 2019, t’order has captured more than 60% of the domestic table-ordering market share.
The company’s 2023 audited financial report revealed impressive revenue figures of $45.8m – 77% up on the previous year.
t’order vice-president and chief operating officer Yongwoon Kim stated: “This Series B funding is a pivotal moment for t’order as we look to expand globally and diversify our revenue streams. As the market leader in the domestic table-ordering sector, we are committed to pioneering new opportunities within the industry.”
On the domestic front, t’order offers SaaS [software-as-a-service]-based services to large corporations, VAN [value added networks] providers and POS [point-of-sale] companies.
t’order established a Canadian subsidiary in 2022 and entered the US market in the second half of 2024, setting the stage for further global expansion.
