Melbourne-based EatClub, a dynamic-pricing platform designed for the hospitality industry, has raised $18.2 million in a Series A round led by Co:Act Capital.
The latest round follows a year of stellar growth for EatClub in 2024 and plans for European expansion, which kicked off last month with a launch in London.
Founded in 2016 by Pan Koutlakis, Ben Tyler, Matt Cantelo and celebrity chef Marco Pierre White, EatClub gained traction when it launched in 2017 as a platform to help restaurants fill empty tables through real-time dynamic pricing.
However, lockdowns during the pandemic cruelled the business overnight, leading the founders to take a “contrarian view”, says Koutlakis, the EatClub CEO.
“While the world talked about a ‘new normal,’ we doubled down,” he says.
“The board and our investors aligned on a bold move to keep building, and to use the downtime to create breakthrough tech that would future-proof the business.”
During the downturn, the startup developed EatClub Pay, a proprietary payments system that allows diners to redeem time-sensitive offers seamlessly via an app without the need for vouchers or codes.
“It completely reimagines what a dining incentive should look like,” says Koutlakis. “Restaurants get targeted demand, and diners get spontaneity without friction.”
EatClub says the business has grown seven times its pre-pandemic peak after a 190 per cent year-on-year surge in 2024, leading the company to take its concept into global markets.
Along with Melbourne’s Co:Act Capital, the latest round included participation from Gandel Invest, Marbruck and angel investor Les Szekely.
Platform Advisory, which successfully ran the capital raise process, also invested.
“We’re delighted to have led the round for EatClub, it is such an innovative Australian company, creating real value for both the hospitality industry and consumers,” says James Douglas, partner at Co:Act Capital.
“At a time when restaurants need smarter tools to drive demand and diners are seeking better experiences and value, EatClub delivers on both fronts. We see enormous potential not just in Australia, but globally.”
Funding from the latest round will be used by EatClub for product development and its London launch where the company says it will “test its model in one of the world’s most competitive dining scenes”.
EatClub is currently used by more than 3,000 restaurants, bars, pubs and nightclubs in Australia.
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