ReserveOut to expand into KSA and Egypt after closing an investment round of USD $1.3 million in late 2014
Amman, Jordan - Online restaurant reservation platform, ReserveOut, announced plans for aggressive geographical expansion in the Middle East and North Africa region, with a particular focus on Saudi Arabia and Egypt. In addition to its preexisting footprint, which spans Dubai, Abu Dhabi, Beirut and Amman, the company has already entered three new cities since the beginning of 2015; Jeddah, Doha and Manama.
The developments come on the heels of closing a financing round of USD $1.3 million from existing and new investors from UAE, KSA, Qatar and Jordan in late 2014. The funds will go towards fueling expansions into unchartered territories, further penetration in existing markets and intensified user acquisition and marketing efforts. To support the growth, ReserveOut plans to expand its team in the departments of marketing, sales, technology, development, and customer service.
ReserveOut provides the food and beverage industry with a full reservation, table and customer relationship management solution, which allows venues to accept reservations from online and offline sources. ReserveOut user apps -available on iOS & Android- allow users to discover special offers or events happening around them, as well as browse, view and make confirmed online reservations at the best fine-dining restaurants in their city. The company is a member of iMENA Group, an internet platform that operates online businesses across the Middle East and North Africa.
According to proprietary research and data released earlier this year by Reserveout, online channels have been a key driver behind the growth in the region's food and beverage sector. The number of restaurants adopting ReserveOut's online reservations grew by a whopping 130 percent last year, while total restaurant revenue through its online reservations reached $8.4 million and user adoption of the company's services grew by 60 percent. ReserveOut currently has more than 400 restaurants that receive online reservations through its channels. Furthermore, it is the exclusive provider of reservation and table management software for Rotana restaurants.
Commenting on the company's progress, Founder and CEO of ReserveOut, Khalil Shadid, said: "We are ecstatic about the growth that the company is experiencing. We plan to consolidate and grow our presence in key markets such as Saudi Arabia and Egypt, where Internet penetration and large youthful audiences present a pressing demand for reliable online services. This will allow us to break into a new phase in ReserveOut's development. We are keen to score further wins before the end of the year."
"We are very pleased with ReserveOut's growth since its inception, and are excited to continue investing in its future journey. The online food and beverage sector is booming in the region and ReserveOut is capitalizing on this unique opportunity in the market," Khaldoon Tabaza, Founder and Managing Director of iMENA Group, one of ReserveOut's investors, added.
About ReserveOut
Reserveout is an online restaurant reservation platform that provides the hospitality industry with an optimized software platform, whereby restaurants can effectively manage reservations, table allocations and maintain a full CRM database creating a custom and unique clientele experience. Since launching in 2012, Reserveout has partnered with leading restaurants in the Middle East. The company allows clients to implement a successful online operating platform across multiple branches, accepting online reservations 24/7, even when the restaurant is closed. Online portal and cross-platform application allows for instant, real-time booking and confirmation, free of charge. ReserveOut is the market leader in online reservations in each of the geographies it currently operates in, which includes Dubai, Abu Dhabi, Doha, Manama, Jeddah, Beirut and Amman.
ReserveOut is part of iMENA group, an operator of diversified Internet businesses focused on the high-growth and under-served market of the Middle East and North Africa.
About iMENA Group
iMENA Group includes diversified Internet businesses focused on the high-growth and under-served market of the Middle East and North Africa (MENA) region. Established in 2013, iMENA's mission is to become the regional online leader by focusing on highly scalable online business models with large markets and regional barriers to entry. The Group enables the rapid growth and expansion of its businesses through an efficient platform of strategic and operational support across the region.
iMENA's businesses include OpenSooq, ReserveOut,SellAnyCar.com, EasyTaxi Middle East, iMENA Digital, iMENA Loyalty and Telr.
For media inquiries, please contact:
Aysha El-Shamayleh
Head of PR, iMENA Group
media@imena.com
© Press Release 2015
