Publisher Time Out's new associated tech company, Flypay, that develops technology for the hospitality industry, has raised £3.5m in funding from Just Eat alongside a strategic partnership with its new Flyt platform.
Time Out, which recently listed on London's junior market, will now hold a 38% stake in Flypay following the Just Eat investment.
Flypay develops technological solutions that improve customer experiences across the hospitality sector, aiming to reduce the hassle of eating and drinking out in restaurants, pubs and bars.
Launched this year, the Flyt platform has been built to integrate the myriad of different digital services venues now use including bookings and loyalty, deliveries and reviews to create a more fluid experience for the customer.
Flypay and Just Eat’s collaboration will see delivery blended with other key services, Just Eat’s customer base provided with access to in-restaurant experiences and a focus on making it easier for operators to adopt and utilise delivery technology.
Last year, Flypay secured £7m in a Series A funding round led by Just Eat to “transform hospitality payments globally”.
Tom Weaver, CEO of Flypay, said, “We’ve enjoyed a phenomenal start on our journey with Flyt. Just Eat is not only one of the world’s most successful and dominant food-tech platforms, but also an amazing technology pioneer.
“This investment, coupled with a strategic partnership with Just Eat, will allow us to rapidly advance our solutions for both operators and suppliers around the world – changing the customer’s digital journey as we know it.”
David Buttress, CEO of Just Eat, commented, “The technology will help us to enhance our offer to casual dining restaurant chains, enabling them to fulfil delivery using Just Eat. The Flyt platform has the potential to transform the digital journey in the casual dining space and we see huge potential in this technology.”
