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Seated Raises $30 Million in Funding and Acquires VenueBook
Seated is dedicated to helping restaurants drive sales and ultimately thrive, generating demand for restaurants by offering tangible rewards to consumers dining-in, ordering takeout or delivery, and booking private events
FREMONT, CA: Seated, the leading restaurant rewards platform dedicated to helping restaurants flourish, raised $30M in the financing round, led by Insight Partners with participation from Craft Ventures, Greycroft, and Rho Capital Partners, which has rapidly fueled its growth and agile product development.
Seated has transformed its business model in response to restaurants’ changing needs during the covid-19 health crisis with the pickup and delivery with Seated at Home, and Seated Events. The latest funds will be used to build out Seated’s platform further and enhance performance and capabilities for new product developments.
“Events are not only an important part of a restaurant’s revenue stream, but they’re important for internal operations. Restaurant events help to increase employee retention because both front and back of the house employees are able to exercise creativity and tap into different skill sets while planning and executing events,” said Bo Peabody, Executive Chairman and Co-Founder of Seated and a long-time restaurant operator. “We are thrilled to be able to offer yet another way for restaurants to maximize their profitability. With Seated Events, Seated at Home, and Seated, restaurants can drive demand to their three primary sources of revenue in a single, easy to use rewards platform.”
Along with the new funding, Seated has also acquired a digital event booking platform VenueBook. This strategic acquisition consolidates the company as the only comprehensive platform for restaurants to enhance all three primary sources of revenue: dine-in, pickup/delivery, and private events. Restaurants can now provide consumers and businesses rewards for booking all private events from smaller occasions like birthday parties and team dinners to large-scale celebrations like corporate happy hours and holiday parties.
Seated Events offers a seamless way for restaurants to begin rebuilding this critical revenue stream, allowing families or smaller groups of people who would like to take extra precautions while dining out to book private rooms.
Launched in 2017, Seated is the only platform that boosts demand for restaurants and rewards consumers through dine-in, pickup, delivery, and events. The latest launch further reflects its commitment to developing timely support systems for restaurants as new challenges arise. They will also work with VenueBook’s stable of 120,000 professional event planners who can now book clients’ events on the platform.
“The last few months have proven to be incredibly difficult for restaurants, but Seated has continued to show up for its partners,” said Kelsey Recht, CEO, and Founder of VenueBook. “VenueBook was built to make booking private and event spaces simple in order to help restaurants maximize revenue, and we’re thrilled to join Seated to support more restaurants through these challenging times.”