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February 17, 2022

Foodservice automation platform Hyphen raises $24m in funding round

The capital raised will be used to expand the company's footprint into five new markets over the next two years.

Foodservice automation platform Hyphen has raised $24m in a Series A financing round led by Tiger Global to support its growth plans.

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The funding round also saw participation from other investors, such as Toast co-founder and president Steve Fredette.

Existing investors, including Apollo Global Management co-founder and CEO Marc Rowan and The Cheesecake Factory executive vice-president and former chief culinary officer Donald Moore, also participated in the oversubscribed round.

Hyphen will use the capital raised to appoint designers, engineers and operators as well as expand its footprint into five new markets over the next two years.

Hyphen co-founder and CEO Stephen Klein said: “Razor-thin margins have plagued the restaurant industry for decades, but the pandemic exacerbated this with inefficient fulfilment of digital orders and a massive labour shortage.

“Hyphen solves this dilemma by automating the assembly process. Our Makeline automates the production of digital orders, and our KitchenOS augments labour with efficient workflows and actionable insights.”

The Makeline, the company’s first product, can produce 350 meals every hour and eliminates order defects.

So far, the company has raised $34.4m to use for the research and development of next-generation products, building a new factory, and deploying its platform to US customers.

Tiger Global partner Griffin Schroeder said: “Amid labour shortages and increasing customer demand for takeout and delivery, restaurants need ways to increase throughput and improve efficiency. Hyphen created an intuitive and reliable solution that does both.

“We’re excited to partner with Stephen, Daniel and their team,​ to support restaurants across the country.”

Hyphen helps enhance consistency in commercial kitchens using software and robotics.

Last August, Hyphen launched a new platform featuring an Automated Makeline and KitchenOS aimed at transforming the foodservice industry across the US.

Free Report
img

The critical role of sustainability for Foodservice success in the 2020s

Consumers have radically re-thought their priorities in recent years and changed their habits for the good of the planet, starting to hold companies accountable for their ESG activities. These changes are set to be significant hallmarks of the Consumer Landscape in the 2020s. In order to appease consumers’ new concerns, meeting these new sustainability imperatives will be crucial for the recovery of the Foodservice industry. Consumers are expected to use ESG criteria much more actively in their selection of Foodservice brands to engage with. Download GlobalData’s free report to:
  • Understand the range of ESG challenges currently facing the Foodservice sector
  • Gain insight into consumers’ expectations via consumer survey deep dives
  • Learn from foodservice operators and brands who are already successfully embracing ESG strategies
Stay ahead of consumer concerns and rise to meet them. Download the report now.
by GlobalData
Enter your details here to receive your free Report.

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