OpenTable is the main real-time reservation platform for restaurants, but it’s an old incumbent and there is plenty of opportunity out there. New startup Quandoo wants to address this area and today it’s close its Series $25m growth financing round lead by Piton Capital and affiliates.
It will use this cash to extend its market Germany, Austria and Italy across Europe as well as launching in APAC and Latin America.
As well as these lead investors, the two VCs that lead the A and B round, Holtzbrinck Ventures and DN Capital – alongside early investors the Sixt family and Texas Atlantic Capital – all participated.
The numbers speak for themselves. In the year and a half since launch, Quandoo says it has garnered a network of 3,000+ partner restaurants spanning 8 countries and served 1.5 million diners.
Philipp Magin, CEO and Founder of Quandoo says there is a big opportunity because in the UK and Germany adoption of cloud booking platforms is at a low-level while most of the other markets have a lot of greenfield opportunity as it shifts online.
“In most countries there are some smaller service providers but in almost all cases they do not provide restaurants with an actual management system that reflects the restaurants’ inventories in real-time, and thus have significant shortcomings on the consumer side,” he says.
The attraction is that it does not rely on fees from converting the restaurants own website traffic into reservations, in the way that OpenTable charges for reservations from the restaurants website.
“Quandoo Premium” is a cloud-based reservation management system that runs on Android based tablets which is intuitive to use for staff and also manages the inventory and reservations.
Magin and cofounder Ronny Lange were part of the team that founded CityDeal, which was acquired by Groupon in 2010.