Toronto-based Snappy has secured a $2 million CAD from Celtic House Ventures and existing investor Celtic House Asian Partners.
Founded in 2016, Snappy provides restaurant management technology for customer touchpoints including point-of-sale, online orders, loyalty programs, reservations, waitlists, and custom-branded mobile apps and websites.
The company claims its powers over 1,500 restaurants in eight countries and over 30 cities. Snappy recently expanded its services to Vancouver and plans to use its fresh financing to support its expansion across Canada.
When asked about its customer base, a spokesperson for the startup listed a range of Toronto-based clients, including Chiang Mai Thai Cuisine, The 6ix Sports Bar, Fourth Man in the Fire Pizzeria, and Coco Tea Ontario.
Larry Liu, managing partner of Celtic House Asia, said Snappy fits into the food industry ecosystem it has built with its other investments such as Fantuan and GrubMarket.
Celtic House Asia Partners initially invested in Snappy in 2020, providing $600,000 in pre-seed capital. Celtic House Venture joined its Asian counterpart and took the lead on the recent round. The Snappy spokesperson told BetaKit the $2 million still constitutes pre-seed capital for Snappy, but called it a separate round from the one in 2020.
“We have been impressed by Snappy’s rapid merchant growth since our initial investment in 2020 and expect the digitization of the restaurant industry will continue to accelerate post-pandemic,” Liu said.
A 2018 report by Grand View Research found that the global restaurant management software market is projected to reach $6.94 billion by 2025, expanding at a compound annual growth rate of 14.6 percent.
Restaurant management technology providers, such as Snappy, were able to capitalize on the market explosion, as the food industry adapts to the digital transformation brought about by the COVID-19 pandemic.
While not solely focused on restaurants, Lightspeed is the highest-profile Canadian example of one such company, as it has seen strong growth over the past couple of years. For its second quarter of 2022, Lightspeed announced a record total revenue of $133.2 million USD, an increase of 193 percent year-over-year. The period has also seen Lightspeed expand beyond its point-of-sale roots to offer a wider range of commerce offerings for retailers.
“We work with restaurateurs every day and see how busy and overburdened they are, especially through the pandemic,” said Ricky Wang, CEO of Snappy. “Snappy is committed to finding innovative ways to help them run their businesses more efficiently and become more profitable”.
Feature image source Unsplash