*** News In Brief ***
Restaurant reservation and yield management platform Quandoo has closed a $8 million (€5.86m) Series B led by DN Capital and Holtzbrinck Ventures. The Berlin-based startup, which allows diners across Europe to book tables at eateries from local favourites to Michelin-starred restaurants, will use the new financing to accelerate its international expansion and cement its market position.
According to a release, the company’s objective is to become Europe’s leading local commerce platform in 2014. Expansion outside Europe is planned for the second half of 2014.
The first restaurant was added to the platform in April 2013, and it now includes 1,200 merchants across five countries. “Over the next years we will build Quandoo into the commerce platform for local businesses that enables them to market their services through online and mobile channels,” said Philipp Magin, Quandoo CEO and co-founder.
Magin founded the company in Berlin in 2012 together with Ronny Lange, Sebastian Moser, Tim-Hendrik Meyer and Daniel P. Glasner, and it now operates in Germany, Austria, Switzerland, Italy and Turkey and boasts more than 100 employees. Existing investors include the Sixt family, CRES Columbus Internet Group, Atlantic Capital Partners and business angels.
“The Quandoo value proposition to restaurants and customers is far superior to any that exists today and combined with the operational excellence of the team is a very attractive investment,” said DN Capital managing partner Nenad Marovac, who will become a member of the Quandoo board.