EatStreet Raises M From Cornerstone Opportunity Partners To Expand Its Ordering Platform For Restaurants
Northbrook, IL (PRWEB) March 04, 2013
Cornerstone Opportunity Partners, LLC an early stage investment fund affiliated with Cornerstone Angels, a membership-based investment network of high net-worth individuals and families, has announced it has led a $ 2 million Series A funding round for EatStreet. EatStreet offers an order management platform for restaurants and is based in Madison, WI. Independence Equity I, LP, Great Oaks VC, Gener8tor, existing investors, and numerous angel investors participated in the financing. Michael C. Gruber will join the Board of Directors as the representative for Series A investors.
The new capital will enable EatStreets expansion into new markets. Since its launch in 2010, EatStreet has brought its online ordering platform to over 900 restaurants in 20 markets across the country.
EatStreets order management platform offers restaurants web and mobile ordering at no upfront cost. EatStreets system incorporates its ordering website EatStreet, custom-made apps and websites for restaurants, Facebook ordering, a rewards program, and a restaurant analytics platform. This robust platform drives an increase in transactions and enhances restaurants interactions with their customers.
According to Michael C. Gruber, Cornerstone Opportunity Partners CEO, EatStreet has demonstrated its ability to build a system which helps to drive increased transactions and revenue to restaurant owners. They have developed a model that is highly scalable and which is a variable cost model, something which is extremely attractive to both existing and prospective customers. The simplicity and ease for EatStreet to be integrated with a restaurants existing operations, including menu updating is very compelling.
The delivery and takeout industry in the United States receives $ 170 billion dollars in orders annually, with the majority of orders being placed offline. There are more than 575,000 restaurants in the United States alone, with the overwhelming majority having little to no online ordering capability. EatStreet offers a turnkey solution to restaurants and provides small, independent operators functionality normally available to only the largest operators. This includes sophisticated services such as hyper-local target marketing, order analytics, POS integration, and other capabilities of interest to the national restaurant chains.