Table22, which provides varied software and marketing tools to restaurants and grocery stores, has closed a $11 million Series A round led by Lightspeed Venture Partners. Other investors include two other West Coast firms — Footwork and Forerunner Ventures — South Africa’s Alt Capital, and angels such as founders and executives of Square, BentoBox and SevenRooms.
The New York startup said the funding came on the heels of 3x year-over-year growth, as Table22 expanded to 38 U.S. states. Since its founding in 2020, Table22 has raised $24 million from investors.
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“I believe our platform represents an entirely new selling paradigm for this essential, beloved industry — one that helps owners to ‘expand the pie’ with untapped revenue and offering categories,” Table22 founder and CEO Sam Bernstein said on LinkedIn. It can transform the productive capacity of cost centers like prep shifts and off hours, and drive more loyalty and brand affinity, he added.
Bernstein is a University of Virginia alum with a degree in Economics & Technology Entrepreneurship. He previously co-founded LoftSmart, which Forbes dubbed “the future of renting” for enabling off-campus accommodation for students at U. of Virginia, as it cited him in its reputed Forbes 30 Under 30 list in 2017. Bernstein also is a Thiel Fellow, winning the award from the entrepreneur and investor Peter Thiel.
Among other things, Table22 helps restaurants offer subscriptions and memberships to diners and other patrons, create curated meals and even “leverage customer data and get access to tools like commerce ordering, customer communication, payments and a fulfillment network — that both delivers and ships — across 25 U.S. cities,” according to Axios. Table22 says merchants using its services routinely generate six figures or more of “new, high-margin revenue”
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‘Win-Win’
“Table22 is a rare win-win-win for the restaurant, the guest, and the platform,” Aaron Silverman, founder of Washington, D.C’s award-winning Rose’s Restaurant Group and Extra Fancy Catering & Events, said in a press release issued by Table22. “Since we began working with Table22 in 2021, the platform has enabled us to drive seven figures of new sales across subscriptions and retail e-commerce, while helping us nurture our guest relationships and extend our brand beyond our four walls.”
Historically, Americans spent equal amounts on food in and outside of the home, but the advent of delivery platforms, such as DoorDash and Uber Eats, have tilted the balance to 60-40 in favor of restaurants, according to Lightspeed.
“Table22 extends a merchant’s brand outside its four walls, all without cannibalizing in-house revenue,” the venture firm said in a release, pointing out that merchant outcomes have not “fundamentally approved” despite significant technological changes in restaurants. Table22’s offerings also don’t intrude on restaurants’ working hours and creates new revenue streams from unproductive down time, it added.
