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Reserve has raised a $15 million Series A round to continue momentum after the launch of their product just three months ago. The round was led by Human Ventures Capital, and Expa. Several investors from their seed round also participated, including First Round, Lowercase Capital, Advancit Capital, Sherpa Ventures. Reserve's heavy investment and increased operations in LA undoubtedly helped attract individual investors as well, including celebrities Jared Leto, Jon Favreau, Will.i.am and others.
The startup now has 110 restaurant partners across New York, LA, Boston and San Francisco. Funding will be used improve user experience and bring the service to even more cities.
"Many of our early investors are known for knowing a good thing when they see it. As our initial investors watched our progress and velocity, many of them urged us to pull together a syndicate round for our Series A to allow the group to continue to be involved at a larger level," CEO and Co-Founder Greg Hong said in a blog post. "The feedback, advice and support we’ve received from our investor group has been invaluable, and we’re glad to have the opportunity to continue to work and collaborate with so many talented individuals and organizations."
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Managing tables and food inventory in the restaurant business can be notoriously difficult, especially when customers cancel reservations or show up unannounced. Reserve gives restaurants a count of reservations in advance and encourages customers to commit by creating a cancelation penalty two hours before the booking. They also are a credit card linked payment app; customers can swipe to pay and then leave their table, all without calling the waiter for the check.
“When you're really busy, even small things matter, like the number of taps it takes to complete a task,” said CEO and co-founder Greg Hong said in an earlier interview with Built In LA. “We want to make sure the solutions that we build make things easier for our partners.”
This funding round brings the total amount of funding to $17.3 million.
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