Livebookings, an online marketing and reservations service for the restaurant industry, has raised $16 million (£10 million).
Livebookings, an online marketing and reservations service for the restaurant industry, has raised $16 million (£10 million) in a round led by European venture capitalist Wellington Partners.
The investment round, which includes existing investors, follows cash injections totalling some $12 million from Balderton Capital and other investors during 2008 and 2009. The money will be used to continue Livebookings’ push to expand in Europe by signing up more restaurants and building its network of affiliate partner websites.
Niklas Eklund, CEO of Livebookings, says, ‘The number of new restaurants now using online reservations to fill their tables has risen by 91 per cent this summer compared to last. However we estimate only seven per cent of restaurants currently use online reservations, showing us the enormous growth potential in our chosen market.’
Daniel Waterhouse, a partner at Wellington, says Livebookings is the largest European player in its market.
EOC Partners and Lewis Silkin provided investment banking and legal advice respectively to Livebookings in the transaction, while Thies Eggers and Brown Rudnick fulfilled these roles for Wellington.