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People are hungry for good service at restaurants, and that’s why mobile concierge app Reserve just raised $15 million.
Reserve books a dinner reservation and sets up a payment option (including tip) so that when you’re done with the meal, you just get a thank you card — not a bill. Reserve’s provides its 114 restaurants with a tablet and software for cashing out its diners. The service costs $5 per reservation and operates in Boston, New York, San Francisco, and Los Angeles.
The company wants to use the money to bring its booking-and-payment service to more people.
“More restaurants, more cities, and more devices: As soon as you decide you’re hungry, we’re going to take care of you at every step of the way,” says Reserve CEO Greg Hong over the phone.
Reserve combines the utility of apps like OpenTable and Cover into a single package — putting it a step ahead of its competitors. But it also charges for its service, whereas both OpenTable and Cover are free.
Despite the fee, Reserve is growing. Considering the app has only been on the market a few short months, four cities and over a hundred restaurants isn’t too shabby. Plus, Hong says, his product is really aimed at helping restaurants provide better hospitality. Reserve always asks customers to provide feedback on their experience — valuable data for restaurants to have and a step above the traditional comment card.
Helping Reserve to achieve success in the future is a cast of star-studded investors like Wil.i.am, Jared Leto, and Jon Favreau, who will undoubtedly push the product to their famous colleagues.
Human Ventures Capital led the syndicate round, a new firm founded by Reserve’s co-founder Joe Marchese, and Expa, a startup strategy company. First Round, Lowercase Capital, Advancit Capital, Sherpa Ventures, SV Angel, Venture51 and Visionnaire Ventures also participated in the raise. Reserve has raised $17.3 million to date.
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