Restaurant Reservation Platform Grows with $1.3M Investment
ReserveOut, the MENA’s leading online restaurant reservation platform based in Amman, announced it is engaged in expanding its service coverage with a particular focus on Saudi Arabia and Egypt.
Established in 2012, the platform had initially started out in the cities of Amman, Beirut, Dubai, and Abu Dhabi. Since the beginning of 2015, ReserveOut also covers Jeddah, Doha, and Manama, and is now focusing on growth in new cities across the MENA.
This expansion was made possible thank to a $1.3M investment round the company closed in late 2014. The round was led by iMENA Group, and included both existing and new investors from the UAE, Saudi Arabia, Qatar, and Jordan.
To support its growth, ReserveOut plans to expand its marketing, sales, technology, development, and customer service teams.
An Integrated and Convenient Reservation Solution
The platform allows customers to search for restaurants based on neighborhood, cuisine type, and style, and then make a booking. ReserveOut apps allow users to discover special offers or events happening around them, as well as browse, view, and confirm online reservations.
On the other hand, it provides restaurants with a full reservation, table, and customer relationship management solution across multiple branches in real time, even when the restaurant is closed.
ReserveOut is a member of iMENA Group, an internet platform that operates online businesses across the Middle East and North Africa.
Is Online Restaurant Booking the Next Big F&B Trend?
According to proprietary research and data released earlier this year by ReserveOut, online channels have been a key driver behind growth in the region's food and beverage (F&B) sector.
The number of restaurants adopting ReserveOut's online solution grew by a whopping 130% last year, generating a total of $8.4M across more than 400 restaurants. In parallel, user adoption grew by 60%.
This could be indicative of a new consumer trend in the F&B sector where online food ordering platforms had previously held the headlines with the acquisition of Yemeksepeti ($589M) and Talabat.Com($170M), along with a recent $100M investment by Goldman Sachs in HelloFood.
"The online food and beverage sector is booming in the region and ReserveOut is capitalizing on this unique opportunity in the market," said Khaldoon Tabaza, Founder and Managing Director at iMENA Group, one of ReserveOut's investors.
Source : Arabnet