Taster Business Model and Ongoing Success
Food startup Taster works by operating several restaurants with no in-person locations. Instead, the company simply runs kitchens that take orders and then deliver those orders directly to the customer. As it currently stands, the food and tech startup operates five different brands that each serve a different style of cuisine. All five of these brands are available for purchase on traditional food delivery apps as well as on the Taster app developed by the startup.
On top of building a customer base through services such as Deliveroo and Uber Eats, the company wants to create a holistic experience from start to finish through the Taster app. The app developed by the business is available on all Android and iOS devices. Taster has already seen strong success from this delivery-only approach as well.
The company currently operates 61 different restaurants across nine different cities in the United Kingdom (UK), Spain, and France. On Deliveroo, the business is also thriving — only behind McDonald’s and Burger King in Paris. Over the course of last year alone, as the pandemic continued to keep Europe mostly shut down, Taster delivered over 1 million meals.
The company is also opening up a kitchen partnership program that would allow more kitchen-only restaurants to join the Taster app and use the resources that the food and tech business has.
Taster Funding and Future Plans
In the Series B funding round for the startup, Taster raised $37 million in capital. The funding round received participation from a variety of investors including Octopus Venture, Battery Ventures, LocalGlobe, HeartCore, Rakuten, GFC, and Founders Future. The company plans to use this funding in order to further expand its kitchen partners program and grow its business into new locations across Europe. By 2025, Taster hopes to have operations running in over 1,000 cities.
The food delivery service market is only set to grow even more over the next few years as well. In fact, by 2024, the global market is expected to be worth over $215.56 billion. This will be achieved through a compound annual growth rate of 12%.
When commenting on the most recent funding round, investor at Octopus Ventures, Rebecca Hunt, said, “It’s the first digital food brand concept to scale using a licensed partner model. By partnering with existing experts in food preparation to run local kitchens, it can scale rapidly while ensuring consistency of food quality, as well as operational efficiency. We firmly believe this will be a winning combination and Anton’s experience at Deliveroo gives Taster another unfair advantage in this rapidly growing market.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.