Formitable and Zenchef join forces to create a European leader in restaurant tech
Paris, Amsterdam, January 25, 2023 – Zenchef, a Paris-based restaurant tech leader that develops technology solutions for the restaurant industry, and Formitable, an Amsterdam-based growth platform to improve guest experience through loyalty and reservation solutions, announced today that both companies will join forces, creating a European leader in restaurant tech.
Since their inception, Zenchef and Formitable have been on a mission to support the industry by building cutting-edge solutions and software that help restaurants grow sustainably as well as build lasting relationships with their customers. Both companies have been pioneering the digitization of the industry and have established themselves as key partners for restaurants. Today, Formitable has on-boarded more than 3,500 restaurants in 22 countries across Europe and Zenchef has on-boarded 7,500 restaurants, including over 200 Michelin-starred chefs, in more than 15 countries.
Complementary solutions, clients and geographies, creating the number-one platform in Europe for restaurants and food lovers
Zenchef and Formitable offer innovative B2B2C SaaS solutions to restaurants and customers that aim at improving the guest experience, increasing loyalty and maximizing restaurant efficiency. Under one group, Zenchef and Formitable will be able to offer their clients more innovative solutions and greater value than ever before. Both will be able to leverage their complementary offerings, including platforms and mobile apps, as well as their technological and go-to-market expertise to increase their presence among restaurant owners and consumers across Europe.
Together, the combined group will instantly become the largest European group able to offer leading technological solutions and further accelerate the digital transformation of the restaurant industry in Europe. The combined group will have a network of 11,000 restaurants in 30 countries in Europe with leading positions in France and the Netherlands. In addition, the combination will allow Zenchef and Formitable to continue growing in key markets across the continent.
A combined ambition to solidify their leadership position across Europe
By leveraging their leading technological solutions, extensive networks, geographic reach and through strategic acquisitions, together, Zenchef and Formitable, will aim to reach 35,000 restaurants across Europe by the end of 2025. This strategic ambition will significantly enhance the combined group's leadership position in the continent.
This combination is in line with both Zenchef and Formitable’s latest fundraising to further accelerate their international expansion. In September 2022, PSG Equity, a leading growth equity firm, carried out an investment in Zenchef, and Formitable welcomed Adriaan Mol as a new investor. Following the combination of the two companies, PSG Equity will become the majority shareholder of the combined group.
At this stage, Zenchef and Formitable will continue to operate independently and keep their well-recognized brands separately. In addition, Xavier Zeitoun and Raymond Wilders will remain as CEOs of Zenchef and Formitable, respectively, with the common priority to continue to strengthen both platforms’ leadership positions within their existing and new markets. Over time, Zenchef and Formitable will further leverage their complementary expertise and strong innovation capabilities to become, together, the largest European platform for restaurants and food lovers.
Xavier Zeitoun, CEO of Zenchef: "Our union with Formitable is the natural next step in our mission to become Europe’s champion in the restaurant tech industry. With Formitable, we share the same vision and ambition as well as the same values and deep customer and restaurant-relationship culture. Our combined companies will have a greater positive impact on the overall restaurant industry, offering an expanded range of products and services. By joining forces, we will be able to leverage our strengths and broaden our reach to become the number-one platform for restaurants and customers across Europe. We look forward to collaborating with Raymond and his team to further drive the digital transformation within the restaurant industry."
Raymond Wilders, CEO of Formitable: "The restaurant industry has evolved enormously since Covid. Restaurateurs all over the world now see the true potential of their business. That’s extremely fertile ground for software builders like Zenchef and Formitable. By joining forces we instantly deepen our footprint across Europe, innovate more effectively, and push the industry forward with more impact. We’re just at the beginning of helping restaurants grow sustainably — and we take pride in leading the way as one group in Europe.''
Formitable and Zenchef: two leading innovators in the restaurant tech industry