ReserveOut, the leading online restaurant reservations platform and table management system provider in the Middle East and other growth markets, just announced a Series A raise of over $4 million led by regional VC firm Silicon Badia with the participation of 500Startups, existing investors iMena Group and Jisr Venture Partners, and others.
Founded in 2012, ReserveOut provides hundreds of restaurants in the Middle East and other markets a reservation and table management software to manage their reservations, seating, and customer databases. Additionally, through its website (www.reserveout.com) and iOS and Android mobile apps,ReserveOut also allows diners across seven cities in the region to easily make reservations at almost 1,000 restaurants, including leading international hotspots such as Coya, Okku, Jean Georges, and The Meat Co., among others, in Dubai,ReserveOut’s flagship market. The company announced that it has seated over 10 million diners through its platform since inception.
The round will be used to expand ReserveOut’s presence with restaurants in the Middle East and beyond, and to grow its reach with consumers in the region, with a focus on its mobile app offerings. The company launched a revamped website and mobile apps in December 2015, driving record reservations through the platform, which more than doubled year-on-year in 2015, and is currently growing 30% month-on-month in 2016, with the majority of the growth coming through its mobile apps.
“We are excited to continue providing restaurants and diners in the Middle East with technology solutions that make restaurant management and reservations more efficient and pleasant, and we are very happy with how 2016 has started,” mentioned Khalil Shadid, the founder and CEO of ReserveOut. “We will use this round to reach more diners in the region and to expand our sales presence in existing and new markets toward wider adoption of our Table Management System.”
Among users of ReserveOut’s Table Management System are the Hyatt and Rotana hotel chains across the Middle East. Beyond the Middle East, ReserveOut currently has clients in India, South Africa and recently announced it has already begun working with restaurants in Shanghai, and will use part of the round’s proceeds for expansion into growth markets beyond the Middle East.
Speaking about the round, Namek Zu’bi, managing partner at Silicon Badia, said:
“We have been tracking Khalil and restaurant and consumer technology in the region for many years now, and we believe ReserveOut will be a winner with both restaurants and diners in the region’s $16 billion in-restaurant dining industry. The company has done a great job in providing restaurants in the region and beyond with superb technology and customer service, while also improving the overall experience for diners through its new web and mobile applications.”
The company currently has 50 employees across three offices in Dubai, Amman, and Beirut.