Online catering marketplace raises $800k seed funding to expand in Singapore and Hong Kong

CaterSpot, a Hong Kong-based online catering platform, announced today that it has raised US$800,000 in a seed funding round to accelerate growth in its key markets of Singapore and Hong Kong. The round is led by Triplestar Capital and will be used to fund key hires and speed up product development.

The startup, an online marketplace that connects people with local catering options, says it has over 1,000 catering menus from a highly curated list of restaurants and other companies. It was founded in January by Camilo Paredes and Amanda Ernst, former managing directors of Rocket Internet-backed Foodpanda in Latin America.

“Although food delivery is a competitive space, there are very few competitors globally focusing on the catering niche, which has higher order values, logistics-friendly pre-scheduled orders, and offers recurring orders through b2b customers” added Camilo in an emailed statement.

Rocket Internet itself runs Caterwings, based out of London, which follows a similar model to CaterSpot. Other global competitors include ZeroCater and EzCater, both based out of the US.

CaterSpot says it has already served companies ranging from startups, universities, law and consulting firms, banks, and Fortune 500s. Some of its clients are the Boston Consulting Group, UBS, PwC, Canva, P&G, and Allen & Gledhill, among others.

Camilo explained to Tech in Asia that the platform is particularly useful for B2B customers as they face the task of ordering food for large groups on a regular basis. Hence, the options and menus on the site are primarily geared towards this segment as opposed to B2C.

“We’re focusing on the multibillion-dollar catering market, which is still largely offline. Our one-stop platform allows users to find and compare a large number of options, have transparency on menu pricing and easily order and pay online,” explained Amanda.

Expansion is planned for next year, but only after the startup acquires a “solid blueprint” in its current markets. The homepage suggests CaterSpot is eyeing the Malaysian, Japanese, Australian, Chinese, and Korean markets.