86 Repairs Secures $7.3 Million in Funding
Investors infuse more capital to scale up product innovation and growth
CHICAGO, July 13, 2021 /PRNewswire/ -- On the heels of its phenomenal growth, Chicago-based restaurant tech company 86 Repairs today announced it closed an additional $5.3 million from investors including TDF Ventures, Gordon Food Service (GFS), MATH Venture Partners, Revolution, and Cleveland Avenue. The new financing brings the company's funding in this round to $7.3 million, and total capital raised to $8.8 million to date. The additional investment will further bolster 86 Repairs' 146% year-over-year growth to scale its product innovation and data-driven solutions.
Disrupting the $26 billion restaurant equipment repair and maintenance (R&M) industry, 86 Repairs automates the end-to-end repair and maintenance process for restaurants and provides actionable insights to improve back-of-house operations. The end result is significant time and cost savings for restaurants, as demonstrated in the recently released annual State of Repairs Report, which takes a comprehensive look at industry-wide trends, never-before-seen data, and functional analysis to help operators positively impact their R&M strategy.
"The operational insights provided by 86 Repairs are critical for restaurants to streamline their processes and save time and money," said Don Thompson, Former CEO of McDonald's and Founder of Cleveland Avenue, a privately-held venture capital firm that accelerates and strategically invests in innovative food, beverage, and restaurant concepts and emerging brands. "We are pleased to further support 86 Repairs' innovation, vision, and growth, which is already having positive effects across the industry."
Restaurants spend up to 3% of annual revenue on repairs and maintenance—the largest controllable budgetary line item. Since its launch in 2018, 86 Repairs has saved its customers an aggregate of $2.2 million and counting through its data-driven approach to on-demand repairs, preventative maintenance, and proactive insights.
"86 Repairs has demonstrated solid and sustained growth by offering a first-of-its kind solution for a previously neglected problem," said Will Rayner, Principal, TDF Ventures. "We believe that the 86 model is primed to transform the market. We are doubling down on our investment to help the company seize this opportunity."
"Operators are looking for ways to leverage technology to bolster their businesses. 86 Repairs is a crucial tool for back-of-house automation and post-pandemic growth," said Daniel Estrada, co-founder and CEO, 86 Repairs. "Restaurant operators around the country are leveraging our service to save time and money, and we're thrilled to have the support of an amazing group of investors who see the potential to bring 86 Repairs to kitchens everywhere."
In March 2021, 86 Repairs announced $2 million in funding from several investors including TDF Ventures, HAVI, Gordon Food Service (GFS), GHS Holdings, Invest Detroit Ventures, Network Ventures, Michigan Rise, and Cleveland Avenue, and previously raised $1.5 million in a round led by Tamarind Hill. For more information, visit 86repairs.com.
About 86 Repairs
86 Repairs is an innovative platform that automates the end-to-end repair and maintenance process for restaurants, providing actionable insights to improve back-of-house operations. Since its launch in 2018, 86 Repairs has partnered with customers nationwide, saving them an aggregate of $2.2 million and counting. The company's solutions are used by growing, multi-unit restaurant groups including: Castellucci Hospitality Group, 4 Rivers Smokehouse, Peas and Carrots Hospitality, and brands like McDonald's, Jimmy John's, Sonic Drive-Ins, Famous Dave's and many others. Learn more at 86repairs.com.
SOURCE 86 Repairs
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