BUENOS AIRES, Argentina, August 16, 2013 — Restorando, a provider of online restaurant reservations in Latin America, today announced it closed $13.3 million in Series B funding led by new investor Flybridge Capital Partners with participation from existing investors, Emergence Capital Partners, Kaszek Ventures, Atomico and Storm Ventures. The Endeavor Catalyst Fund also participated in the round. The company had previously raised $3.7 million in seed and Series A rounds, bringing total funds raised to $17 million.
Restorando, which currently serves restaurants and diners in major cities throughout Brazil, Argentina, Chile and Colombia, will utilize the funds to expand its team and accelerate growth in current cities and other countries throughout Latin America. As part of the funding, Flybridge Capital Partners General Partner Jon Karlen will join the company’s Board of Directors.
“Since launching in 2011, Restorando has done a fantastic job at testing and validating the online restaurant reservations model with both restaurants and diners in Latin America,” said Karlen. “With thousands of restaurants and more than 2 million diners now using the platform, it has quickly established itself as the dominant player in the market. We are thrilled to back the Restorando team and look forward to working with them as they continue to grow and expand.”
“Our focus over the past two years has been to take a business model that as been highly successful in other geographies, improve on it through cloud and mobile technology and superior customer service and then roll it out in a limited number of markets to prove it’s success. We have shown the model works, and now we are ready to expand,” said Frank Martin, CEO of Restorando. “Having the support of this group of investors, all of whom have experience investing and building other successful companies in Latin America, is truly amazing. This round not only gives us access to exceptional advisors, but will be provide us with the resources to scale Restorando throughout the region.”
Unlike many restaurant reservations systems, the Restorando platform is 100% cloud-based, making it fast, simple and free for restaurants to get signed up and using the system.
Key features and benefits of the platform include:
· Mobile enabled
· Free to diners
· “Hot” Tables with discounts
Click here to read more about this investment and Restorando in The Wall Street Journal article, “Can Restorando Beat OpenTable in Latin America?”.
Restorando is a provider of a free, online restaurant reservation system in Latin American. Founded in 2011 and headquartered in Buenos Aires, Argentina, the company currently serves restaurants and diners in ten major cities in Brazil, Argentina, Chile and Colombia. For more information, please visit www.restorando.com or on Twitter: @restorandoarg, @restorandobra, @ restorandochile, @ restorandoco
About Flybridge Capital Partners
Flybridge Capital Partners is an early-stage venture capital firm whose mission is to assist entrepreneurs in growing innovative, global companies. With $560 million under management, the firm is focused on seed and early-stage investing in technology markets and is led by a team with domain expertise and more than half a century of combined experience in venture capital. The firm has invested in over 60 companies including 10gen (the MongoDB Company), Brontes Technologies (acquired by 3M), Cartera Commerce, Crashlytics (acquired by Twitter) DataXu, Digital Lumens, Open English, Reveal Imaging (acquired by SAIC) and ZING (acquired by Dell). For more information, visit www.flybridge.com or follow us on Twitter @flybridgecap.
About Emergence Capital
Emergence Capital Partners, based in San Mateo, Calif., is a leading venture capital firm focused on early and growth-stage SaaS and technology-enabled services companies. Its mission is to empower business users and organizations around the globe by unleashing the power of technology-enabled services. The firm’s investments include Salesforce.com (CRM), SuccessFactors (acquired by SAP), Yammer (acquired by Microsoft), Lithium, Box, and Veeva Systems. Founded in 2003, Emergence Capital has $575 million under management. More information on Emergence Capital can be found at http://www.emcap.com/.
About Kaszek Ventures
Kaszek Ventures is the leading Latin American venture capital firm investing in high-impact tech entrepreneurs. Led by Nicolas Szekasy, MercadoLibre’s former CFO, and Hernan Kazah, MercadoLibre’s co-founder, the firm actively supports its 22 portfolio companies through value-added strategic guidance and hands-on operational help.
Atomico is an international technology investment firm, focused on helping the world’s most disruptive technology companies reach their full potential on a global scale. Founded by Niklas Zennström, the co-founder of Skype, they have become the investor of choice for ambitious entrepreneurs due to our unique international network, and ability to help companies operationally, with offices in London, Beijing, São Paulo, Istanbul and Tokyo. Their investments include category leaders such as Rovio, Jawbone, Fab, Klarna and Skype.
About Endeavor Catalyst
Endeavor Catalyst is a passive co-investment vehicle that allows Endeavor Global to co-invest in Endeavor Entrepreneurs in a neutral, unbiased way. The main goal of this program is to use the returns of the investment to support Endeavor’s operations. The fund also contributes to Endeavor’s mission as it promotes professional third-party angel and venture capital investors to take a stronger interest in emerging market investment opportunities. To date, Endeavor Catalyst has invested in seven funding rounds of Endeavor Entrepreneurs.
Endeavor Global is a US-based nonprofit organization. Endeavor catalyzes economic growth by selecting, mentoring and accelerating high-impact entrepreneurs around the world. High-impact entrepreneurs have the biggest ideas and potential to create jobs and wealth, but they face many barriers to scaling up their businesses: lack of mentors, capital and talent, and limited business expertise. Endeavor helps them overcome these challenges by providing connections to mentors and investors as well as top talent and strategic services. Today, Endeavor’s 818 entrepreneurs lead 510 companies that generated over $6 billion in revenues in 2012 and have created over 225,000 jobs.