CONCORD, Mass., June 20, 2017 /PRNewswire/ -- Tripleseat, a cloud-based Sales and Event Management application for Event Managers of Restaurants, Hotels, and Unique Venues has secured $7 million in growth capital. The funding was secured from New York-based growth equity firm Level Equity. Tripleseat has been a bootstrapped organization since it was established in 2008.
Tripleseat is helping thousands of restaurant and hotel Event Managers increase their sales and streamline the event planning process. Jonathan Morse, a former Event Sales Manager himself, founded Tripleseat after he realized that restaurants, hotels and unique venues were still using paper and pen to manage their event business, leading to chaotic events, lost sales, and not enough time to grow the business.
"Private parties and events represent over 30 percent of a restaurant's revenue, but it requires a coordinated sales effort to be successful. Event Managers have to devote time to planning their next event while booking more business," Morse said. "Tripleseat's easy-to-use features allow event managers to sell, plan, and run their events efficiently by giving them access to all of the features they need in just a few clicks."
At the end of May 2017, Tripleseat had more than 3,000 venues and 35,000 users around the world, with venues ranging from small mom-and-pop operations to large corporate enterprises.
Tripleseat CEO Jonathan Morse said the investment by Level Equity would provide the capital to support a range of initiatives including product enhancements, growing customer support and sales. "We have set ambitious goals for Tripleseat over the next few years and believe a sophisticated investment partner could meaningfully enhance our ability to achieve those goals," Morse said. "We have been approached by a number of investors and spent time with a range of potential partners before deciding on Level Equity."
"We engage with an enormous number of bootstrapped software businesses each year and were blown away with what Jonathan and the team at Tripleseat have built," said Level Equity Co-Founder Ben Levin. "As true domain experts in this market, their product was built exclusively for hotel and restaurant owners, operators, and event managers. It is a best in class solution that allows customers to differentiate their event business, grow their top line, and enhance both profitability and customer experience, all while paying for itself in an incredibly short window. That type of product, market fit is quite unique."
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