Reserve — a reservations and payment application that launched last fall — has secured an additional $15 million in Series A funding. According to a release, Reserve's new raise was led by a fund started by Reserve co-founder Joe Marchese. Oscar award-winning actor Jared Leto, director/actor/producer Jon Favreau (Chef), and Grammy award-winner Will.i.am were also counted among the app's new investors.
What will Reserve use the new funds for? Growth, naturally. Says Greg Hong, CEO and Co-Founder: "[W]e intend to use every penny to bring a better dining experience to more restaurant partners and diners, in more cities and on more devices, for special occasions and everyday meals. We look forward to bringing the Reserve experience to a broad array of restaurants and guests, and helping them at each and every meal."
Unlike apps like Cover or Resy, Reserve bridges the gap between making a restaurant reservation and paying for the meal. Users are limited by Reserve's "curated list" of restaurants, but beyond that the app takes care of everything from the reservation to the confirmation to the payment and tip. As Eater's Hillary Dixler wrote last October: "No bill is presented at the end of the meal. Instead, the transaction happens through Reserve, which adds a $5 flat fee to the bill, regardless of party size. There's an interesting twist: customers can also offer to pay more than the restaurant's stated menu price, basically incentivizing restaurants to seat them." The app is free and there are no membership fees associated with the service.
Reserve is currently available in Boston, Los Angeles, New York, and San Francisco and works with 114 restaurants across those four cities. The app will launch in Chicago this spring.
Eater Video: Would You Pay for a Reservation at Your Favorite Restaurant