Founded in 2020, the Munich-based startup Allo aims to help restaurants digitize their operations. To this end, the company offers restaurant owners an end-to-end digital operating system for their establishments. The solution is designed to enable them to streamline their operations and optimize their business processes. This should ultimately increase their revenue. According to the startup, it currently serves over 200 locations in Munich and more than 75 percent of the city's Chinese restaurants. Its growth is supported by partnerships with companies such as Google, Uber Eats, Wolt, Lieferando, Stripe, and PayPal.
After his first financing round at the end of 2022 Allo has once again impressed investors. In its second seed round, the startup raised €4.6 million ($5 million). The oversubscribed round was led by 20 VC. Keen Venture Partners, NL Startup Fund, 20Growth, and 20Product also participated. Renowned angel investors such as Stripe COO Claire Hughes-Johnson, Martin Enderle, Chairman of Delivery Hero, and professional soccer player Mario Götze are also involved.
Strong growth for Allo
Last year, Allo reported 10x growth in annual recurring revenue (ARR) and 4x growth in average revenue per user (ARPU). The funds now raised will be used to accelerate this growth and expand its offering to additional cities in Germany and Europe.
Opposite tech.eu explained Cancan Liu, CEO and Co-Founder of Allo:
"We're on a mission to end the operational chaos in small restaurants across Europe. Our solution enables restaurant owners to focus on what they do best—delivering a great experience to their guests."
Harry Stebbings, General Partner at 20VC, comments:
"Restaurant software in Europe is broken. Restaurants have to juggle up to ten different software products that are fragmented, don't communicate with each other, and severely impact restaurant owners' productivity and profits. When we first met the Allo team, it was immediately clear that their fully integrated solution was built with their customers and for their customers. There's a real opportunity to gain market share in the point-of-sale space in Europe, and this is by far the most compelling team seizing that opportunity."
