Amid North Texas’ booming restaurant scene, one local startup is looking to bring technology into the dining room.
Plano-based OneDine announced closing on a $5 million Series A funding round led by a private family trust and joined by Austin-based TMW Capital and New York’s Hidden Lake Asset Management. The recent round puts the startup’s pre-money valuation at $90 million.
The startup landed a $2 million Seed Round in February of last year. At the time that put OneDine’s pre-money valuation at about $18 million.
“The restaurant industry and its customers are hungry for a more streamlined experience. OneDine delivers on that,” said Matt Silk of TMW Capital in a prepared statement.
OneDine, which was launched in 2017 by founder and CEO Rom Krupp, has developed software to help streamline and personalize service in the restaurant industry. By integrating with existing POS systems, the software allows users to personalize profiles with dietary needs and restrictions, as well as allowing them to place orders and make payments directly through the technology. For businesses, it allows them to track guest data.
The software can also be used by hotels, casinos and airports.
The company says the technology helps reduce labor costs, enhance guest services and focus marketing efforts, among other things. It also said the technology significantly reduces fraudulent chargebacks, which is a large drain on the industry.
The company began generating revenue about two months ago, according to the Dallas Morning News. OneDine also has plans to implement its software with more enterprise brands across the country in the second quarter of 2020. According Crunchbase News, OneDine is currently working with about 60 brands.
“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,” Silk said in a prepared statement.
With the new funding, OneDine expand further into the U.S. market. It has largely operated in the New York and California restaurant scenes, where the company saw a higher demand due to stricter regulations governing the industry. In addition, OneDine plans to nearly triple its workforce. Currently, it employs about 24. However, it expects that number to grow to at least 100 by the end of 2020, many of whom will work in support and client fulfilment.
“There are services that offer a single feature or a few features, but OneDine is the only platform that does it all without requiring an overhaul of hardware and software,” Krupp told Crunchbase News.
