Total amount raised
$69.9 Millions
Latest funding date
6/1/2020
Location
SevenRooms has successfully raised significant funding through multiple rounds, with its latest being a Private Equity round. The platform offers a comprehensive CRM, marketing, and operations solution tailored for the hospitality industry.
Keep reading to delve into the details of SevenRooms' funding journey and the key investors supporting this innovative platform.
What Is SevenRooms?
Founded in 2011, SevenRooms is headquartered in New York, New York. The company was established by Allison Page, Joel Montaniel, and Kinesh Patel.
SevenRooms offers a comprehensive CRM, marketing, and operations platform tailored for the hospitality industry. Their tools help restaurants manage reservations, waitlists, and tables, aggregate reviews, run referral programs, and automate email marketing.
With a team of 251-500 employees, SevenRooms continues to innovate and support the hospitality sector, enhancing guest experiences and driving revenue growth.
How Much Funding Has SevenRooms Raised?
- Angel Round
- Amount Raised: $500K
- Date: May 2011
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the platform and launch the business.
- Angel Round
- Amount Raised: $1.3M
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the platform's features.
- Seed Round
- Amount Raised: $2.3M
- Date: June 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase market presence.
- Convertible Note
- Amount Raised: $2.5M
- Date: February 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product development and market expansion.
- Series A
- Amount Raised: $8M
- Date: December 2017
- Lead Investors: Comcast Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and expand into new markets.
- Venture Round
- Amount Raised: $5.1M
- Date: October 2018
- Lead Investors: Amazon Alexa Fund
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To integrate voice technology and enhance user experience.
- Series B
- Amount Raised: $150K
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and minor enhancements.
- Private Equity Round
- Amount Raised: $50M
- Date: June 2020
- Lead Investors: PSG Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand globally and enhance the platform's end-to-end guest experience capabilities.
Total Amount Raised: $69.85M. Current Valuation: Not publicly disclosed.
Key Investors
- PSG Equity
- Details: PSG Equity is a growth equity firm that focuses on investments in lower middle-market software and technology-enabled service companies. They are an affiliate of Providence Equity Partners, established in 2014.
- Investment Focus Areas: Software, technology-enabled services, media.
- Notable Investments: Not publicly disclosed.
- Amazon Alexa Fund
- Details: The Amazon Alexa Fund invests in companies that are pioneering voice technology and other areas that complement Amazon's Alexa ecosystem. It aims to foster innovation in voice technology.
- Investment Focus Areas: Voice technology, smart home, artificial intelligence.
- Notable Investments: Ring, Ecobee, Mojio.
- Comcast Ventures
- Details: Comcast Ventures is the venture capital affiliate of Comcast Corporation, investing in innovative technology and media companies. They focus on companies that can complement Comcast's existing services.
- Investment Focus Areas: Digital media, entertainment, technology.
- Notable Investments: FanDuel, Nextdoor, Houzz.
- BoxGroup
- Details: BoxGroup is an early-stage investment fund that focuses on seed-stage investments across various sectors. They aim to support innovative startups at the earliest stages.
- Investment Focus Areas: Technology, consumer products, healthcare.
- Notable Investments: Warby Parker, Glossier, Blue Apron.
- Providence Strategic Growth (PSG)
- Details: PSG is a growth equity firm that focuses on investments in lower middle-market software and technology-enabled service companies. They are an affiliate of Providence Equity Partners, established in 2014.
- Investment Focus Areas: Software, technology-enabled services, media.
- Notable Investments: Not publicly disclosed.
What's Next for SevenRooms?
SevenRooms is poised to capitalize on significant opportunities in the hospitality industry. With the recent $50 million Series B funding, the company aims to expand its services beyond restaurants to include more hotel groups, leveraging its existing partnerships with notable brands like Mandarin Oriental and MGM Resorts International. The growing demand for online ordering and contactless solutions presents a substantial market potential, especially as the industry continues to adapt to new norms.
Future fundraising opportunities seem promising, given the company's strong market presence and the backing of strategic investors like Amazon and Comcast. As SevenRooms continues to innovate and expand, additional funding rounds could support further development and global reach. However, challenges such as competition from established players and the need to continuously innovate to meet evolving customer expectations remain. Navigating these hurdles will be crucial for SevenRooms as it strives to enhance guest experiences and drive revenue growth in the hospitality sector.
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