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Contxto – Expansion. That’s what the Meitre founders had in mind before pitching (and landing) a US$1.6 million investment from Andreessen Horowitz, the renowned Silicon Valley venture capital firm.
Brothers Juan and Luis Caviglia partnered and created Meitre to support restaurants manage guests on the platform. The product helps clients predict customer demand via algorithms and data segmentation.
This way, food establishments can more efficiently book tables based on demand trends, rotate tables faster, introduce dynamic pricing, or even host events.
With this latest funding round, the company will expand operations in the United States. Chef Micheal Chirarello’s restaurant chain reportedly plans to implement the services once they’re available.
The new capital will also go towards strengthening the team of engineers to improve the platform.
Around half of Latin America’s top 50 restaurants and two of the best restaurants in the world already utilize Meitre to optimize operations, especially during busiest hours.
“If there is a lot of demand on Fridays from 7 p.m. to 9 p.m., the model works by seeing how the demand will automatically move early or later on,” said Juan. “It opens space during slow hours and reserves them for when they will be filled later on.”
Partnering establishments allegedly increase profit up to 30 percent with the platform’s effective table assignment features. What this does is limit low margin bookings during peak hours while also backing up credit card reservations, tickets or deposits.
According to Meitre’s website, the software aids in increasing covers by 12 percent and diminishing no-show up rates by two percent.
Already present in 10 countries including the United States, this investment should help the company reach new heights. So far, the startup has served over three million customers.
As a matter of fact, Meitre participated in Y-Combinator’s Winter batch last January. The Caviglia brothers presented their company to five funds between January and March alongside Dropbox, Airbnb and Rappi.
I reached out to the founders to learn more about this round! Stay tuned.