Dubai-based Reserveout announced on Sunday that it has raised a Series A round of over $4 million led by regional VC firm Silicon Badia.
500Startups, existing investors iMena Group and Jisr Venture Partners, and others, also participated in the round.
The online restaurant reservations platform was founded in 2012, and now provides restaurants in the Arab region with a reservation and table management software to manage their reservations, seating, and customer databases.
This round comes almost one year after the startup announced an aggressive expansion campaign, with a particular focus on Saudi Arabia and Egypt.
This time around the money will also be used for the same purpose: expanding Reserveout’s presence in the region and beyond, with a focus on mobile app offerings.
“We have been tracking Khalil [the founder], restaurants 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,” said Silicon Badia managing partner Namek Zu’bi in a statement.
After the company re-launched its website and mobile app in December 2015, reservations doubled and, according to them, have grown 30 percent month-on-month in 2016, with the majority of the growth coming through the mobile apps.
“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,” said Khalil Shadid, founder and CEO of Reserveout.
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. They will use part of the round’s proceeds for expansion into growth markets beyond the Middle East.
The company currently has 50 employees across three offices in Dubai, Amman, and Beirut.
Source : WAMDA Capital