Livebookings gets its teeth into new £15 million round
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A fourth venture capital fundraising round for Livebookings has seen the company raise £15 million and take total funds received to £39 million.
London-based Livebookings has raised £15 million from a pool of venture capital firms including Balderton Capital and Wellington Partners.
Livebookings, a restaurant booking and marketing service, provides tools for restaurants to take bookings from personal websites and others as well as a customer database, email marketing campaigns and special offers promotions.
The fundraising, which is to be used to aid Livebookings' international growth, follows the announcement that the business had reported 'record sales numbers' for the first quarter of 2012. According to Livebookings, revenue grew by 34 per cent compared to the same period in 2011, while seated diners grew by 65 per cent to 3.8 million.
The latest funding round, which also involves Ekstranda, takes its total raised to £39 million through four separate rounds. In 2008 the company kicked off its funding efforts with a £6.5 million round, which was then added to in September 2009 by way of a £10 million allocation. Its third round, for £6 million, came in April 2011.
Colin Tenwick, CEO of Livebookings, comments, 'Over the last 18 months we have put in place the engines that drive growth by investing in the development of new products, building a larger sales force and implementing new customer support systems to facilitate the growing customer base.
'The market leading increase in dined covers, customers and revenue is testament to this strategy and the new funds will help us to increase our market leading position, deliver the most innovative products to the marketplace and drive even more incremental revenue for our customers.'
Away from its operational base in the UK, Livebookings is active in 23 countries, including the US.
Livebookings' latest funding round comes after Just-Eat, a business which aggregates take-away restaurants, gobbled down a £40 million third round funding led by Index Ventures.