Last October, we told you OneDine was in the process of launching its Series A funding round. Now, the Plano-based restaurant tech startup has closed the round with $5 million in funding, which will allow it to extend the reach of its app-based table-side ordering and payment solution across the nation.
This funding round puts OneDine’s pre-money valuation at $90 million, according to a statement. The lead investor is a private family trust with several supporting investors, including TMW Capital and Hidden Lake Asset Management of New York.
Hardware and software innovation are key focus areas for OneDine. The funding is expected to provide growth capital to further drive its U.S. expansion and help address the growing needs of restaurant operators.
Through OneDine’s all-in-one software, both restaurants and diners are able to use the app on tablets, smart watches, and smart phones. The app can help servers and managers to help operations run smoothly through table monitoring, operation insights, and more.
OneDine’s software solution syncs with existing restaurant POS systems to make onboarding quick and convenient. The solution also lets restaurant management survey customers and gain data and real-time insights on operational improvement, menu modification, and more.
Customers can also download the app to order through a digital menu, pay restaurants through the app, and receive personalized recommendations.
OneDine plans to use the funding to further its expansion in the U.S. restaurant market, where restaurant owners, franchises, and franchisees have had a difficult time trying to find a comprehensive and affordable all-in-one software solution, according to a statement.
“As an investor, I look for companies which already have market demand. The restaurant industry and its customers are hungry (pun intended) for a more streamlined experience. OneDine delivers on that,” TMW Capital’s Matt Silk said in a statement. “Our investment in OneDine is based on its exceptional team and the fact that restaurants are on a waiting list to be able to implement the technology OneDine has to offer.”
OneDine’s tech is already in place at some North Texas restaurants and is in the process of being implemented in various brands across the U.S. with several more rolling out in the second quarter of 2020.
OneDine was founded by restaurant tech industry veteran Rom Krupp, who previously told Dallas Innovates he created OneDine after recognizing a need for restaurant ordering and payment technology.
“As an entrepreneur embarking on a new business venture, I was able to draw on lessons learned with a keener ability to identify red flags. From the moment we began building OneDine through every phase of development, I had both the confidence and agility to respond and reroute as needed,” Krupp said.
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