Lettuce Entertain You Enterprises Among Investors in Tock Reservation Platform
The fast-growing tech company secured $9.5 million in its latest funding round.
Reservation platform Tock announced Wednesday it has secured $9.5 million in funding to fuel its expansion, in part from Chicago-based multiconcept operator Lettuce Entertain You Enterprises.
The funding round was led by Tesla and SpaceX investor Valor Equity Partners as well as venture-capital firm Origin Ventures, which has previously invested in Grubhub.
Tock CEO Nick Kokonas, founder and co-owner of The Alinea Group of restaurants, declined to comment on the amount invested by each group, noting that Lettuce Entertain You Enterprises has invested “seven figures plus” in Tock overall.
“We invested in Tock because it is transforming the reservation space and helping restaurants work smarter through its powerful technology platform,” R.J. Melman, Lettuce Entertain You’s president, said in a statement. “Tock’s strategic focus on businesses and consumers brings the dining experience into the 21st century, making it a win-win for both the restaurant and the guest.”
Famed chef Thomas Keller of The French Laundry in California is also a Tock investor, the company said.
Nearly 1,000 restaurants in 23 countries currently use Tock. It provides three reservation options: free, deposit-based and prepaid.
The investment will fund sales, marketing and customer support for fast-growing Tock, which is adding four to five new clients each day, Kokonas said.
A growing number of restaurant companies have been investing in technology suppliers, including Danny Meyer’s Enlightened Hospitality Investments, which invested in software provider Resy Network, and Yum Brands, which earlier this year agreed to buy $200 million of GrubHub stock.