Latest round of venture funding will drive product innovation and market expansion after 3x YoY revenue growth
CHICAGO, July 26, 2022 /PRNewswire/ -- Chicago-based restaurant tech company 86 Repairs today announced it raised $15.2 million in Series A funding led by Silicon Valley-based Storm Ventures with participation from Savory Fund, Lightbank, TDF Ventures, Gordon Food Service (GFS), Cleveland Avenue, MATH Venture Partners, Tamarind Hill, and others. The investment will allow 86 Repairs to drive product innovation and support its nearly 3x year-over-year revenue growth.
86 Repairs offers restaurants and other commercial kitchen operators 24/7/365 support for on-demand repair management, preventative maintenance programs, and access to never-before-seen, data-driven insights on repair and maintenance (R&M) spend. The company provides indispensable R&M savings at a time when the restaurant industry is struggling more than ever, with customers seeing a 7.2x annual return on their investment.
"86 Repairs is changing how restaurant operators address this long-standing pain point," says Pascale Diaine, Partner at Storm Ventures. "When we saw how the market has responded to their solution, we understood that something very special is happening at 86 Repairs, with a seismic impact on the industry."
With 1.2 million unfilled hospitality jobs, a third of skilled trades workers retiring by 2030, and supply chain issues driving longer lead times, time is an invaluable asset for restaurant operators. Restaurant teams are able to stay laser-focused on their customers while 86 Repairs takes repairs off their plates.
"As restaurant operators ourselves, we know how difficult managing R&M can be," says Andrew Smith, Managing Director at Savory Fund. "We were never able to find a good solution to help us manage and support such a large part of our business until we became an 86 Repairs customer. I've seen firsthand how this solution streamlines day-to-day operations, and it's become a must-have technology for our operational service teams."
"86 Repairs is Savory Fund's first-ever tech investment, and it was worth waiting for. We're excited to see the company rapidly expand across the industry as more and more operators see the benefits we are experiencing ourselves."
Restaurants spend $28 billion on R&M and lose $46 billion of revenue due to equipment downtime every year. 86 Repairs saves customers time and money by improving equipment uptime and managing critical aspects of the operation, like equipment warranties and service dispatch, while offering data and insights not found anywhere else in this massive industry. In addition, the company's annual State of Repairs report is a compilation of high-level R&M data, which gives commercial kitchen operators important information they need to make more informed decisions—even if they don't work with the company.
"We're living through the most challenging period in the history of the restaurant industry, and our customers constantly inspire me with their creativity and grit as they navigate this new reality," says Daniel Estrada, Co-Founder and CEO of 86 Repairs. "I'm proud of the value we're providing through the 86 Repairs platform, and I'm excited to continue expanding our reach with the support of our world-class investors and team."
Last year, 86 Repairs closed $5.3 million in seed funding from investors including TDF Ventures, Gordon Food Service (GFS), MATH Venture Partners, Cleveland Avenue, Tamarind Hill, and Revolution's Rise of the Rest Seed Fund. The company's Series A brings the total investment in 86 Repairs to $24 million.
About 86 Repairs: 86 Repairs is the repair and maintenance management platform built for the restaurant industry. Our tech-enabled solution includes on-demand repair management and preventative maintenance. With 86 Repairs, restaurants have access to data-driven insights and 24/7 support to control their facilities, reduce their R&M costs, and spend less of their team's time on equipment repairs.
86 Repairs manages the repair and maintenance process for more than 2,000 restaurant operators in the U.S. and Canada, from upscale full service restaurants to quick service franchised brands. Some notable customers include Boka Restaurant Group, Castellucci Hospitality Group, and 4 Rivers Smokehouse, and quick-service brands like McDonald's, Jimmy John's, Sonic Drive-Ins, Taco Bell, and many others. Learn more at https://www.86repairs.com.
SOURCE 86 Repairs