SevenRooms completes latest financing round after Middle East client wins
In the Middle East, major client wins for 2017 included signing 80 Jumeirah restaurants across Abu Dhabi and Dubai
Hospitality technology platform SevenRooms concluded its first institutional funding round, a US$8 million fundraise led by Comcast Ventures, after a year which saw client signings in the Middle East, including Jumeirah, Zuma and STK.
The funding marks the end of a year of growth for SevenRooms, in which the New York-based company which specialises in reservation, seating and guest management software for restaurants, hotels and nightlife, more than doubled the number of locations on its platform.
In the Middle East, major client wins for 2017 included signing 80 Jumeirah restaurants across the group's properties in Dubai and Abu Dhabi as well as multi-property deals with Zuma and The One Group (founders of STK).
Founded in 2011, the platform is used in more than 100 cities worldwide, with clients ranging from independent restaurants to internationally-recognised, multi-concept hospitality groups including Standard Hotels, Altamarea Group, The Cosmopolitan of Las Vegas, Corbin & King, Live Nation, Cosme and TAO Group. Clients book more than two million guests each month through SevenRooms, with the number of guests seated by clients growing 327% (YOY) from October 2016 to October 2017.
“At SevenRooms, we are empowering operators to create and cultivate the meaningful, direct relationships with guests that make exceptional experiences possible,” said SevenRooms CEO & co-founder Joel Montaniel.“Whether they run a local, independent restaurant, or an international, multi-concept hospitality group, our reservation, seating and guest management platform gives operators the tools they need to increase revenue and deliver personalized service and marketing to their guests – without increasing their costs. We are thrilled to partner with Comcast Ventures in our first institutional fundraise, as it marks a promise to continue leading the charge in moving hospitality and guest experience forward.”
The recent financing will enable SevenRooms to accelerate growth, build out teams across sales, customer success, engineering, product and marketing, increase the value of the platform for operators with new integrations and features, and shift to full profitability.
The financing brings SevenRooms’ total funding to $16.4 million, following previous investments from investors including restaurateur chef Thomas Keller, the Handwerker family (founders of Nathan’s Hotdogs), David Nichols (former president of K-Swiss, Inc.), and the Merinoff family (owners and operators of Breakthru Beverage Group, LLC).