Seville-born, CoverManager, has recently raised €17 million in new funding as it prepares to go global. The Spanish startup is expanding quickly as the sector digitizes and is on a quest to enhance how restaurants function.
A total of €52 million has been raised to date, with the founding members of the company still holding the majority of the company’s shares. The €17 million was raised in a series A extension, led by GP Bullhound and current shareholders.
The startup will use the fresh cash to expand its network of thousands of partners across the globe, including some top-tier restaurants.
Almost every industry has been affected by digital transformation, and technology is becoming more and more important in our daily interactions and lives. The hospitality industry is one of the industries that was perhaps a bit slower to adopt digitization but is now an exciting hive of digitization.
Going to a café or restaurant is now increasingly influenced by technology and has established itself as the norm. Restaurants have gone digital, and there are fascinating trends to watch, from ordering via QR codes to booking systems and operating dashboards.
As CEO and founder of CoverManager, Jose Antonio Pérez said, “We are very excited about having GP Bullhound join the company along with our existing shareholders as we continue to build a global standard in the Hospitality industry, helping restaurants improve their profitability and enabling them to be closer to their guests.”
By combining all online and offline channels into a single dashboard, automating reservations, and maximizing table utilization, CoverManager has created an end-to-end software suite for booking management. By streamlining their operations and overcoming obstacles like no-shows, users may increase restaurant occupancy and save money.
Additionally, it provides management for reservations, orders (for delivery and takeout), and tableside payments.
The startup from Seville has had a successful year, more than doubling its ARR as the business goes digital. At this point, the team is worth €140 million. Furthermore, the company now employs 100 more people than it did a year ago when there were less than 60 of them.
With teams in Spain, Latin America (Chile, Colombia, and Mexico), Portugal, Italy, and, more recently, Germany following the acquisition of Seatris.Ai earlier this quarter, the company presently works with more than 8k restaurants in 25 different countries. One of CoverManager’s initial initiatives toward globalization through inorganic expansion has been this acquisition.
“We were amazed by the power and the depth of CoverManager’s software, which made us appreciate their swift success in Spain,” says Roman, managing partner and co-founder of GP Bullhound. We are thrilled to work with José Antonio and the CoverManager team as they expand the platform internationally and establish themselves as industry leaders.
Image Credit: CoverManager
