Waiting for the bill at your much-loved restaurant after you have just finished that hearty meal can really be annoying. Add to it the woes faced by the restaurant staff owing to problems with cash, non-functioning debit cards, wonky card machines or faltering smart devices. The payment process simply takes too long and doesn’t contribute to a joyful, hospitable restaurant experience. Also, wouldn’t we love it if we could go for a meal without money and just pay online later.
Dutch online reservation system designed to help hospitality businesses manage online reservations and marketing campaigns, Formitable has raised €8 million in funding to make all this possible. The investment comes from Adriaan Mol, the founder of Mollie and Messagebird.
The new funding will allow the startup to expand further in Europe. The company is currently active in the Netherlands, Germany, Sweden, Belgium and Denmark.
Founded in 2017, the hospitality tech startup helps more than three thousand restaurants in fifteen European countries with reservation, ticketing, and loyalty solutions. With its Table app, guests can discover, and book restaurants easily and also pay for their meal afterwards.
Raymond Wilders, CEO of Formitable said: “Partnering with Adriaan allows us to continually improve our products, contributing to a better guest experience, increased revenue and sustainable growth for restaurants. In doing so, it is our ambition to also become the market leader in Scandinavia and Germany, followed by rest of Europe.”
The funding comes from MoI via his new investment vehicle Spacetime. With the new deal, Mol and Formitable are also expanding their existing partnership to focus on further product development and international expansion. Formitable and Mol plan to create a system for restaurants and their guests, in which after reservation and restaurant visit, payment takes place without interruption.
Adriaan Mol said: “Before Formitable was founded, systems for reservations, ticketing and loyalty were often confusing and old-fashioned. Traditional software doesn't offer restaurants the simplicity and service they deserve. Formitable has disrupted the market by offering restaurants good-looking, next-generation tools which allow them to focus on their guests and grow their business. I look forward to continuing to innovate together, and to create products and services which help restaurants move forward and optimise guests’ experience at the same time.”