Reserve raises another $10M and plans new software for restaurants
Reserve, a startup offering table and customer management tools for restaurants, is announcing that it has raised $10 million in Series B funding. When the company first launched in 2014, it billed itself as a digital concierge that would make it easier for diners to get reservations at top restaurants. Last year, it launched a new product called Reserve for Restaurants, allowing those restaurants to manage all their tables, maintain a database of customer information and accept reservations on their own websites. Next up, according to co-founder and CEO Greg Hong, is the launch of a new, best in class table management product in the second quarter of 2017. It might look like Reserves focus has shifted from its dining app to restaurant software (and certainly its business model has shifted from charging diners per reservation to charging restaurants a flat monthly fee), but Hong said its all part of the same vision. He admitted that first, he didnt fully have my arms wrapped around that alignment with those restaurant communities, which is why the companys put such a focus on building out tools for those restaurants. But he also said Reserve has always been a two-sided marketplace that needs to serve both restaurants and diners. The company is also announcing its nationwide launch, which means that restaurants anywhere in the United States (not just in cities like New York, San Francisco and Los Angeles) can use Reserves software. Reserve says it has already been used by more than 500 restaurants to seat nearly 9 million diners.
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