July 30, 2013 – FOR IMMEDIATE RELEASE
SOCIAL TABLES ANNOUNCES $1.6 MILLION IN FUNDING TO FUEL EXPANSION, MAKE STRATEGIC HIRES, AND CONTINUE DEVELOPING GAME-CHANGING HOSPITALITY SOLUTIONS
(Washington, DC) Social Tables (www.socialtables.com), the web-based technology that brings powerful sales and operations tools to thousands of hospitality professionals, has just closed an equity round of $1.6 MM in both converted debt and new cash. The round was led by Virginia-based Militello Capital.
“We’re incredibly excited to be working so closely with Dan and everyone at Social Tables. Partnering with companies driven by a unique product, an innovative spirit and a talented, ambitious team is the hallmark of Militello Capital investments. We see unlimited potential and a brilliant future for Social Tables.“. Bill Militello, CEO Militello Capital.
Two-thirds of the new money came from the company’s previous investors including 500 Startups, Fortify Ventures, and some key angels. The new capital came from Goldin Ventures, Middeland Ventures, K Street Capital, customer-turned-angel Philip Dufour — a former White House Social Secretary — and angel investor Sameer Gulati of Zynga and Workday.
Since launching its enterprise solution in September 2012, the DC-based company has seen an average of 65% month-over-month growth in booked revenue.
“Over the last year we’ve been able to prove our business model and the company’s true potential. We’ve decided to take advantage of the market opportunity by bringing in new capital so that we could scale the business even faster,” said Dan Berger, the company’s Founder and CEO.
The company’s 500 enterprise customers include franchised Renaissances, Crowne Plazas, Sheratons, and Hiltons throughout the Americas, national nonprofits such as YPO, Children’s Hospital and The Recording Academy, corporate event planning teams such as Forbes, The San Francisco Giants, and Chick-Fil-A, advancement teams at world-renowned academic institutions such as Columbia and Georgetown, museums such as The U.S. Holocaust Memorial Museum and The Whitney Museum, The U.S. State Department, and some of the country’s top catering companies.
The raise comes on the heels of releasing the first web-based 3D rendering technology geared specifically toward the hospitality industry.
The new capital will go toward making strategic hires, expanding into new markets and verticals, and continuing down the company’s roadmap of developing the industry’s most powerful and well-designed products.
The Board of Directors will comprise of the company’s CEO, Dan Berger, Militello Capital’s Matt Brady, and Glen Hellman.
Joining the Board of Advisors are PAR Springer-Miller’s CEO, Larry Hall, and BizBash Founder and CEO, David Adler.
ABOUT SOCIAL TABLES
Social Tables, a hospitality software company headquartered in Washington, DC, offers the most user-friendly event planning platform available today. The cloud-based product suite has a proven track record of increasing sales and bolstering operational efficiency. Solutions include: 2D room diagram creation, 3D event rendering, guest-list management, table assignments, and attendee check-in.
For more information on Social Tables, please visit: https://www.socialtables.com