Hospitality technology platform Reserve has been acquired by Resy to become the largest private reservation service in the US. Terms of the transaction were not disclosed. “Since we started selling Reserve table management in 2015, we’ve demonstrated strong growth by expanding our product offering and geographic footprint to provide an alternative system that’s actually aligned with the needs of restaurants,” said Reserve CEO Greg Hong. “Resy is highly complementary to our existing footprint and enhances our ability to focus on the needs of our restaurants and build solutions to support them. Right now our priority is establishing a plan to combine the best of both of our products, and we’ll be working closely with our restaurant partners and their guests to ensure that it is a smooth and positive experience. We’re thrilled to join the Resy team.”
Founded in 2014 by Hong and Joe Marchese, Reserve had raised $30M in funding over five funding rounds, with its latest financing earlier this year at $5M. Reserve itself has acquired four companies including Dash in 2016. Investors in Reserve include SV Angel, First Round Capital, Lowercase Capital, Sherpa Capital, QueensBridge Venture Partners, Advancit Capital, Hinge Capital, Visionnaire Ventures, The Chernin Group, Arena Ventures, Vast Ventures, Wildcat Venture Partners, WME, Expa, Jared Leto, Bryant Stibel Investments, Plus Capital, Tom Conrad, Human Ventures, Jon Favreau, and Diageo Technology Ventures. Most of the staff of Reserve will be retained and Hong will stay on for a transition period.
This marks the third acquisition for Resy, which has raised $15M in funding over two rounds since its founding in 2014. Resy is founded by Ben Leventhal, Gary Vaynerchuk, and Michael Montero and is backed by Lerer Hippeau, Slow Ventures, Vayner/RSE, A-Grade Investments, RSE Ventures, First Data Corporation, Airbnb, Ken Austin, and Panarea Capital.
“The Resy team is excited to be partnering with Reserve and its community of amazing restaurants for this next step in our company’s evolution,” said Leventhal. “Like Resy, the Reserve team has engaged with an impressive roster of restaurants in the name of progress. Resy will continue to build a platform that empowers good restaurants to be great and great restaurants to be amazing. By systematically dismantling the stale, inadequate, overpriced hospitality technology stack of the past, we are carving out a bright future for the industry.”
