The financial terms of the transaction were not disclosed. In conjunction with the deal, Naveen A. Wadhera, Managing Director at TA Associates, will join the 10bis Board of Directors.
The company will use the proceeds to to continue its growth, including hiring additional staff, and launch new solutions.
Founded in 2000 and led by Co-CEOs Tomer Fefer and Nurit Shaked, 10bis operates an online food marketplace that allows businesses to provide employee meal benefits programs. The platform is integrated into a company’s human resources and accounting systems, with employees’ allowances made available through a dedicated 10bis account.
Employees can make restaurant purchases via the 10bis mobile app or website, or by using a card in person at participating restaurants. Individuals also can order personal meals from home.
Clients include both Israeli companies and large multinational corporations.
In 2015, 10bis entered the B2C market with the launch of its direct-to-consumer platform which provides access to thousands of restaurant menus, reviews and ratings, while offering discounts, special promotions and other benefits.
The company currently processes more than one million orders per month across a network of more than 3,500 restaurants in 20 cities in Israel.