Global Reservation Platform Tock Announces $9.5M in Growth Funding
CHICAGO--(BUSINESS WIRE)--Nov 28, 2018--Tock, Inc., the most innovative global reservations platform for restaurants, wineries, and pop-ups, today announced that it has closed an oversubscribed $9.5 million funding round to accelerate its already rapid growth in the hospitality industry. The round was led by Valor Equity Partners, notable for its early investments in Tesla and SpaceX, and by Origin Ventures which also led Tock’s Series A. Restaurant industry luminaries reinvesting this round included famed multiple three-starred Michelin chef Thomas Keller, and Lettuce Entertain You Enterprises which operates over 120 restaurants across the country.
“We invested in Tock because it is transforming the reservation space and helping restaurants work smarter through its powerful technology platform,” said R.J. Melman, President of Lettuce Entertain You Enterprises. “Tock’s strategic focus on businesses and consumers brings the dining experience into the 21st century, making it a win-win for both the restaurant and guest.”
Tock powers reservation, table management, CRM, and marketing integrations for nearly 1,000 restaurants, ranging from neighborhood pizzerias to Michelin-starred destinations in 23 countries, as well as hundreds of wineries, pop-ups, and event-based businesses. In addition to its rapidly growing network of restaurants, Tock’s exclusive partnership with Chase Pay® provides customers the ability to book everyday to exclusive experiences through Chase Pay, using their Chase credit or debit card, Chase Ultimate Rewards® points or a combination of the two -- instantly and securely, with the click of a button.
“We’ve witnessed Tock’s explosive growth rate, while continuing to provide the latest technology innovation and the highest level of customer service,” said Jason Heltzer, partner, Origin Ventures, and a member of Tock’s board of directors. “Tock is a true industry-disrupter, a phrase that is rarely uttered in the restaurant technology space. This investment will further accelerate their growth and expansion into other hospitality sectors”.
From ordinary reservations to extraordinary experiences, Tock provides consumers the ability to discover and book wherever they are—on Google, Instagram, Facebook, Maps, or on the Tock app. Tock’s platform is technology agnostic and works on any device from anywhere around the world. Tock has seated millions of guests through standard free reservations and has booked $369M in prepaid experiences -- an industry first.
“I originally conceived of Tock to solve problems in my own restaurants,” said Tock CEO Nick Kokonas who is also the founder and co-owner of The Alinea Group of restaurants. “It is a privilege to now be working together with restaurants around the world to improve hospitality and business practices through the constant innovation and expansion of Tock’s cloud-based features and functionality.”
Tock is a complete reservation, guest, and table management system built to power all types of restaurants, wineries, and events. With a global network, automated booking tools, and first-class hospitality reports, Tock is committed to reimagining how reservations-based businesses connect with their customers. Visit www.exploretock.com/join.
About Origin Ventures
Origin Ventures is a venture capital firm founded in 1999 based in Chicago and Salt Lake City, primarily focused on Series A equity investments in software and technology-enabled marketplace companies capable of exponential growth. Previous investments include Grubhub (NYSE: GRUB), Teem (acquired by WeWork), and Ahalogy (acquired by Quotient NASDAQ: QTNT). The four partners are former operators and engineers with a combined 64+ years of venture investing experience. Visit www.originventures.com for more information.
About Valor Equity Partners
Valor Equity Partners is an operational growth investment firm focused on control and non-control investments in high-growth companies across various stages of development. For decades, Valor has served its companies with unique expertise to solve the challenges of growth and scale. Valor partners with leading companies and entrepreneurs who are committed to the highest standards of excellence and the courage to transform their industries. For more information on Valor Equity Partners, please visit www.valorep.com.
About Lettuce Entertain You Enterprises
Lettuce Entertain You Enterprises, Inc. (LEYE) is an independent, family-owned restaurant group based in Chicago that owns, manages and licenses more than 130 establishments in Illinois, Arizona, Minnesota, Maryland, Nevada, California, Virginia and Washington D.C. We were founded in June 1971 by Richard Melman and Jerry A. Orzoff with the opening of R.J. Grunts and today, thanks to the creativity of our partners, we proudly service guests at more than 60 concepts ranging from fast casual restaurants like M Burger to fine dining, Michelin-starred establishment, Everest. Visit www.leye.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181128005113/en/
Kyle Welter – Director of Marketing
(213) 640-9027Origin Ventures
Devon Leichtman – Marketing and Community Manager
KEYWORD: UNITED STATES NORTH AMERICA ILLINOIS
INDUSTRY KEYWORD: TECHNOLOGY INTERNET SOFTWARE OTHER TECHNOLOGY TRAVEL DESTINATIONS OTHER TRAVEL RESTAURANT/BAR PROFESSIONAL SERVICES FINANCE RETAIL
SOURCE: Tock, Inc.
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PUB: 11/28/2018 09:31 AM/DISC: 11/28/2018 09:31 AM