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Europe’s newest unicorn Flipdish hits $1.25 billion valuation

The company is to create 700 jobs this year after securing $100 million investment from Tencent.

Europe's newest unicorn Flipdish hits $1.25 billion valuation

Digital food-ordering platform Flipdish has become the State’s fifth official home-grown “tech unicorn” following a new $100 million (€87 million) investment led by Chinese conglomerate Tencent.

The funding, which follows on from a $48.5 million investment from Tiger Global Management early last year, values the company at $1.25 billion. This compares to a $25 million valuation in 2018, according to PitchBook.

Flipdish, co-founded by brothers Conor and James McCarthy, has followed in the footsteps of Intercom, WorkhumanFenergo and LetsGetChecked in hitting a $1 billion-plus valuation. Stripe, which is currently the most valuable private company in Silicon Valley at $95 billion and one of the largest globally, is co-headquartered in Dublin and San Francisco, but was originally founded in the US.

As part of the investment, Flipdish said it intends to hire 700 people this year with many of the new jobs expected to be created locally. The company will be mainly hiring for tech-related roles including software architects, data scientists, engineers and product designers.

Founded in 2015, Flipdish positions itself as an alternative to online fast-food delivery aggregators such as Just Eat, Deliveroo and Uber Eats by helping restaurant owners bring their online ordering capability in-house. The company provides software that allows direct ordering from restaurants via a “white label” app solution enabling owners to retain control over business data while still tapping into the growing market for takeaways. The company charges a 7 per cent fee per order versus up to 30 per cent from some rivals.

Flipdish has thousands of independent restaurants as customers as well as major brands like YamamoriDunnes Stores and Eddie Rockets.

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