(PEHub) Restorando said Friday it closed $13.3 million in Series B funding led by new investor Flybridge Capital Partners. Existing investors Emergence Capital Partners, Kaszek Ventures, Atomico and Storm Ventures also participated. The Endeavor Catalyst Fundalso took part in the round. Buenos Aires-based Restorando provides online restaurant reservations in Latin America. Restorando has raised a total of $17 million, which includes $3.7 million from a prior round.
PRESS RELEASE — 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.