Total amount raised
$27.5 Million
Latest funding date
05/01/2020
Location
Tock has successfully raised funding over four rounds, with the latest being a Series C round involving lead investors such as Valor Equity Partners. The platform offers a comprehensive reservation system for restaurants, bars, wineries, and other hospitality venues.
Acquired by American Express in a cash deal, Tock continues to innovate in the hospitality industry. Keep reading to explore the intricacies of Tock's fundraising journey and the investors backing this dynamic platform.
What Is Tock?
Tock is a cloud-based platform that offers comprehensive restaurant and event booking services. Located in Chicago, Illinois, the company operates in various industries including cloud data services, food and beverage, hospitality, restaurants, and software. The employee count ranges between 101-250.
Acquired by American Express, Tock continues to innovate in the hospitality industry. The platform facilitates reservations for restaurants, bars, wineries, and other hospitality venues, offering various types of reservations such as dine-in, pickup, delivery, and events.
How Much Funding Has Tock Raised?
- Seed Round
- Amount Raised: USD 525,000
- Date: November 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of Tock's platform and initial market entry.
- Series A
- Amount Raised: USD 7,500,000
- Date: October 2016
- Lead Investors: Origin Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the platform's features and scale operations.
- Series B
- Amount Raised: USD 9,500,000
- Date: November 2018
- Lead Investors: Valor Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and development of the core restaurant-reservation system.
- Series C
- Amount Raised: USD 10,000,000
- Date: May 2020
- Lead Investors: Valor Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Tock to Go and increase staffing in response to the increased demand for online ordering due to the COVID-19 pandemic.
Total Amount Raised: USD 27,525,000. Current Valuation: Not publicly disclosed.
Key Investors
- Valor Equity Partners
- Details: Valor Equity Partners is a leading venture capital firm that has invested in Tock across multiple funding rounds, including Series B and Series C.
- Investment Focus Areas: Technology, food and beverage, retail.
- Notable Investments: SpaceX, Tesla, GoPuff.
- Origin Ventures
- Details: Origin Ventures is a venture capital firm that participated in Tock's Series A and Series C funding rounds.
- Investment Focus Areas: Technology, consumer sectors.
- Notable Investments: Grubhub, Cameo, Tovala.
- Valor Siren Ventures
- Details: Valor Siren Ventures, a fund backed by Starbucks, led Tock's Series C funding round.
- Investment Focus Areas: Food, beverage, retail technology.
- Notable Investments: Not publicly disclosed.
What's Next for Tock?
Tock's future looks promising as it continues to expand its operations and business reach. The platform's recent pivot to online ordering with Tock to Go has opened new avenues, allowing it to cater to a broader range of restaurants and even farms. This expansion is bolstered by a partnership with JPMorgan Chase to launch Ultimate Rewards Dining, which could attract millions of diners.
With the increasing demand for online ordering systems and the integration of booking systems with major platforms, Tock is well-positioned for future growth. The company may seek additional funding to further scale its operations and technology, especially as it continues to receive a high volume of inquiries from restaurants. However, Tock will need to navigate challenges such as competition from other platforms and maintaining service quality as it scales.
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