Total amount raised
$27.5 Millions
Latest funding date
05/01/2020
Location
Tock has successfully raised funds through a Series C round and was acquired by American Express for $400 million. The platform offers a comprehensive suite of services for restaurant and event bookings, including reservations, private events, and delivery services.
Keep reading to explore the intricacies of Tock's fundraising journey and the investors backing this innovative platform.
What Is Tock?
Tock, founded in 2014 by Brian Fitzpatrick and Nick Kokonas, is a cloud-based platform headquartered in Chicago, Illinois. The company operates within the cloud data services, food and beverage, hospitality, restaurants, and software industries.
With an employee count ranging from 101 to 250, Tock offers a comprehensive suite of services for restaurant and event bookings. The platform includes robust reservation, guest, and table management systems, aiming to revolutionize how restaurants operate globally.
How Much Funding Has Tock Raised?
- Seed Round
- Amount Raised: $525K
- Date: November 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development and launch of Tock's platform.
- Series A
- Amount Raised: $7.5M
- Date: October 2016
- Lead Investors: Origin Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Tock's market reach and enhance its reservation and event booking services.
- Series B
- Amount Raised: $9.5M
- Date: November 2018
- Lead Investors: Valor Equity Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and integrate new features into the platform.
- Series C
- Amount Raised: $10M
- Date: May 2020
- Lead Investors: Valor Siren Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To pivot towards takeout order processing in response to the COVID-19 pandemic and expand Tock's operations.
Total Amount Raised: $27.525M
Current Valuation: Not publicly disclosed
Key Investors
- Valor Equity Partners
- Details: Valor Equity Partners is a leading venture capital firm known for its strategic investments in high-growth companies. They have a strong track record of supporting innovative businesses through various stages of development.
- Investment Focus Areas: Technology, consumer products, food and beverage.
- Notable Investments: SpaceX, Tesla, GoPuff.
- Origin Ventures
- Details: Origin Ventures is an early-stage venture capital firm that invests in high-growth technology companies. They focus on providing capital and strategic support to help companies scale.
- Investment Focus Areas: Technology, consumer, software.
- Notable Investments: Grubhub, Cameo, Tovala.
- Valor Siren Ventures
- Details: Valor Siren Ventures is a venture fund backed by Starbucks, focusing on early-stage investments in the food and retail sectors. The fund aims to support next-generation food and retail businesses.
- Investment Focus Areas: Food and beverage, retail, technology.
- Notable Investments: Not publicly disclosed.
What's Next for Tock?
Tock's future looks promising with significant opportunities on the horizon. The platform's integration with JPMorgan Chase's Ultimate Rewards Dining is set to expose Tock to millions of potential diners, expanding its reach beyond the 3,000 restaurants it currently serves. Additionally, the pivot to takeout services has opened new revenue streams, with Tock expected to process $1 billion in orders annually soon.
Future fundraising opportunities seem likely, given the successful $10 million round led by Valor Siren Ventures. This financial backing, coupled with the growing demand for online ordering and reservation systems, positions Tock well for further investments. However, challenges such as competition from other platforms and the need to scale operations effectively remain. Adapting to the rapidly changing restaurant industry landscape will be crucial for Tock's sustained growth.
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