South Korea’s t’order Secures $23M in Series B Round, Eyes International Growth

t’order, a South Korea-based provider of table-ordering services, has successfully raised $23 million in its Series B funding round despite the challenges posed by a downturn in the country’s startup investment market. The company, which now holds a valuation of $230 million, secured the funds from prominent investors, including Korea Development Bank, LB Investment, and other financial backers.

The company plans to use the capital to accelerate its operational expansion and further enhance its service offerings. 

Beyond its core offering in table-ordering services, t’order has also expanded its reach into new sectors such as hospitality and advertising. This diversification has helped the company become capable of adapting its solutions to various industries. Investors have recognized the company’s potential for significant growth, driven by its ability to scale beyond the restaurant sector.

As t’order looks ahead, the company plans to attract further investments from global venture capital firms, particularly those based in Silicon Valley. These firms are drawn to t’order’s approach, which aligns with the ongoing digital transformation across the dining and hospitality industries. This focus on innovation is expected to help t’order’s growth both in domestic markets and internationally.

Yongwoon Kim, Vice President and COO of t’order stated that it will play a crucial role in the company’s global expansion and efforts to diversify revenue streams. CEO Austin Kwon highlighted that t’order’s ability to broaden its business model beyond food service has been central to the positive response from investors. With this strong backing, the company is now focused on achieving robust international growth.

t’order, established in 2019, has rapidly secured more than 60% of the South Korean table-ordering market. The company offers SaaS-based solutions to major corporations, VAN providers, and POS systems, optimizing operations in the restaurant and hospitality industries. According to its 2023 audited financial results, t’order achieved revenue of USD 45.8 million (KRW 59.6 billion), marking a remarkable 77% year-on-year growth.

As part of its strategy for global expansion, t’order has been actively establishing a presence in international markets. In 2022, the company set up a subsidiary in Canada, followed by the formation of a U.S. subsidiary in the latter half of 2023. These efforts are aimed at accelerating its entry into key global markets.