Qlub, a UAE-based payments software provider for restaurants, has raised $25 million in a seed extension round, while Japan’s Hot Palette has acquired Hong Kong-based Suntory F&B and Singapore-based SFBI Asia Pacific.
Al Dhabi Capital leads Qlub’s funding round
Qlub, a UAE-based payments software provider for restaurants, has raised $25 million in a seed extension round led by global investment firm Al Dhabi Capital and major family offices in the UAE with participation from existing investors.
The company had raised $17 million in a seed funding round co-anchored by Cherry Ventures and Point Nine last year, with participation from several other global venture capital firms, including STV, Raed Ventures, Heartcore, Shorooq Partners, and FinTech Collective. Qlub has secured $42 million in fundraising until now.
The startup plans to use the new funding to accelerate growth, expand to new markets, and build new value-add services for restaurants and customers on the Qlub platform. Qlub currently operates in four continents, with a significant presence in Australia, Saudi Arabia, Singapore, and the UAE.
The company powers over 2,000 restaurants, including major names in Singapore including Merci Marcel, Deelish Brands (Fatburger &Buffalo’s, 800 Degrees), Ayam Penyet President, and Morganfield’s, among others.
Qlub allows customers to easily split the bill with their friends and pay it with Apple Pay, Google Pay, and local and international debit and credit cards.
Hot Palette eyes global footprint with Suntory deal
Japanese manager and franchise developer of Pepper Lunch stores, Hot Palette, has acquired shares of Hong Kong-based Suntory F&B and Singapore-based SFBI.
Hot Palette plans to integrate the businesses of SFBI Hong Kong, including its Shanghai subsidiary, and SFBI Asia Pacific to establish a global restaurant chain after changing their names to Hot Palette Hong Kong and Hot Palette Asia Pacific, respectively.
Hot Palette is the brand owner of Pepper Lunch, a Japanese-style steak chain restaurant with 500 outlets in 15 countries, while SFBI APC also operates Japanese food businesses such as Sun with Moon and MUSUBI in Singapore.
Established in 2003, with bases in Hong Kong, Singapore, Shanghai, and many other region locations, the SFBI Group directly manages and operates fast-casual food concepts. The group also directly manages the Sun Restaurant, the contemporary Japanese dining restaurant chain, in growing markets such as China and other Asian countries.