Subject: VEN
SpotHopper Closes $14.0M Series A Funding Led by TVC Capital
MILWAUKEE, Nov. 30, 2021 /PRNewswire/ -- SpotHopper, a leading provider of restaurant marketing and operations technology, today announced the completion of its $14.0M Series A funding. The investment round is led by TVC Capital, a software-focused growth equity firm based in San Diego.
SpotHopper is one of the fastest growing platforms in the restaurant industry with more than 3,000 customers in 30+ states across the U.S. The company's annual recurring revenue is growing 100%+ year-over-year as SpotHopper's digital presence, engagement, and online ordering solutions has become mission critical to restaurants after the onset of the pandemic. At the core of SpotHopper's platform is the most immersive and engaging content management system for restaurants' websites, which is surrounded by solutions for catering and private party management, online ordering, email and social media marketing automation, loyalty programs, business analytics, and more. The company continues to add to the platform in order to provide more value to its customers, including its recently released texting functionality and upcoming integrations into 3rd-party delivery services that will help restaurants recapture margin from the delivery marketplaces.
The Series A investment is the first outside capital ever taken by SpotHopper; it will be used to accelerate and expand its highly efficient sales model and feature development. The vast majority of the 700,000+ U.S. restaurants have built their website and marketing programs on basic, Do-It-Yourself (DIY) platforms or by paying expensive and unresponsive service agencies. SpotHopper's end-to-end, automated system provides a superior alternative to costly agencies at the price point of DIY point solutions. Restaurants are taking notice, as evidenced by the company's organic and customer funded growth.
"The mounting stack of challenges facing a restaurant operator can be overwhelming, especially since the pandemic. We're thrilled to partner with TVC Capital to bring even more cutting-edge solutions to help local independent restaurants master these challenges. The goal of our all-in-one solution is to help operators tackle everything they need to do online from one place; for the lowest cost and the least effort," said SpotHopper's Co-Founder and CEO, Aleksandar Ivanovic. "Each restaurant is unique and provides an incredible amount of value to its community. We're thrilled to continue to help thousands of restaurants showcase their skills, talent, and creativity online, not just in the kitchen," commented SpotHopper's Co-Founder and COO, Niko Ivanovic.
"TVC Capital is excited to lead a growth equity investment in SpotHopper. The company has developed a fantastic product perfectly tailored to an increasingly digital economy," commented Steve Hamerslag, Co-Founder and Managing Partner of TVC Capital. "I am intimately aware of the challenges that restauranteurs face and SpotHopper offers a superior solution at a lower cost; the definition of product market fit."
About SpotHopper
SpotHopper's all-in-one marketing and operations technology helps independent restaurants tackle the challenges they face online from one easy-to-use platform, saving them time and money. The industry-leading solution enables operators to elevate their online image, increase exposure, bring in more customers, attract more qualified employees, and keep up with national chains.
About TVC Capital
TVC Capital is an operator led growth equity firm based in San Diego, CA. We are focused on investments in and acquisitions of mission critical B2B software companies across a wide spectrum of industries and verticals that are poised for growth and consolidation. We partner with exceptional management teams to accelerate growth, maximize value and position for a profitable exit.
For more information, visit https://tvccapital.com/.
SOURCE TVC Capital; SpotHopper
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