Posiq Raises $3.2 Million Series A in Big Data Play for Restaurants
Led by Thayer Ventures, with participation from SVG Partners and Angel Investors, New Funding Powers Posiq's Push to Lead in Guest Intelligence and Guest Engagement for the Restaurant industry
SAN JOSE, Calif., May 15, 2014-- Posiq, an innovator in helping restaurants and brands build deeper and more profitable customer relationships through Big Data, received a $3.2 million Series A investment, from funders including Thayer Ventures, SVG Partners and select angel investors.
Founded in 2012, Posiq's proprietary CRM service leverages an advanced cloud platform that connects with existing on premise, PC, tablet or cloud based Point of Sale systems already in use by the restaurant industry. It also leverages mobile phone technology to seamlessly monitor and engage guests each time they visit, learning detailed purchase habits, brand and dietary preferences, as well as demographic and social profiles.
Posiq will invest the new funds in ongoing product development and expanding sales channels.
Rick Onyon, Posiq's Founder and CEO, said, "Posiq's platform is filling an urgent need for big data on restaurant patrons, allowing for better personalization, hyper targeted marketing and breakthrough ROI analysis of marketing and social activities. We've spent two years piloting at hundreds of live restaurants, demonstrating that data is indeed the key to success for restaurants of all formats and sizes, from quick-service to fine dining."
He concluded, "The restaurant industry is inundated with loyalty gimmicks, email or text blasting programs, and mobile apps that do not deliver meaningful results. Posiq leverages big data and advanced technology to help restaurants communicate and engage in an incredibly personalized way. Just the right message, to the right guest, at the right time. This simple approach vastly improves the guest experience and grows restaurant revenues at the same time."
Chris Hemmeter, Managing Director of Thayer Ventures, said, "We've had the opportunity to evaluate many technology companies looking to enter the restaurant space, and Posiq's solution truly stood apart from the crowd."
He concluded, "Posiq is offering tremendous innovation and a laser focus on providing real value to restaurants. We're delighted with our new relationship and look forward to helping Posiq grow in the months ahead."
John Stanton, General Partner SVG, said, "The Posiq team is as good as they come. Their deep technology experience coupled with the passion for delivering significant value to restaurants is unmatched."
He concluded, "The Posiq solution and approach really demonstrates that technology can be both powerful and amazingly simple when you take the time to build it right."
Additional individuals participating in the round include Burton "Skip" Sack, Former Chairman of the Board of the National Restaurant Association, former Executive Vice President of Applebee's, past Board Member of Applebee's International, and presently a Partner and Chairman of Classic Restaurant Concepts, William S. McKiernan, Founder and former CEO of CyberSource (acquired by Visa), Leland Pillsbury, Co-Chairman and Chief Executive Officer of Thayer Lodging Group, and Tony Isaac, former President of Lodgeworks.
Concurrent with the financing, Posiq is pleased to announce the addition of Chris Hemmeter and John Stanton to the Posiq Board of Directors.
About Thayer Ventures
Thayer Ventures is the only venture capital firm specifically focused on the hospitality industry. Since its founding in 2009 as Quest Hospitality Ventures, the firm has partnered with entrepreneurs to create, develop and build technology companies that will revolutionize the hospitality industry. Based in San Francisco, Thayer Ventures currently supports some of the world's leading travel technology companies, including Hipmunk, Nor1, TripBam, Liftopia, Adara Global, Duetto, newBrandAnalytics, and ID90T.
Additional information is available on the company's website: www.thayerventures.com
About SVG Ventures
Silicon Valley Global Ventures. Founded in 2007 by SVGV President John Hartnett and chaired by former Intel Corp. CEO Dr. Craig Barrett, SVGV is an independent organization comprised of over 1500 high-level technology leaders primarily based in Silicon Valley who are Irish or Irish-American. The Group includes senior executives from some of the Valley's leading corporations, each of whom are committed to promoting the technology connection between Ireland and Silicon Valley, and helping Ireland address the challenges of embracing new technology opportunities.
Posiq is the ultimate combination of seriously experienced software and restaurant people, in one amazing, vibrant (and sometimes chaotic) office in downtown San Jose, California. We're not just restaurant people trying their hand at software, or technology guys that think they know how to run a restaurant. We are both. This combination makes us passionate and driven to help every restaurant we work with succeed and flourish. And, to change how the entire industry does business.
For more information, please visit http://www.posiq.net.
Michael Frenkel, MFC PR – New York
for Posiq & Thayer Ventures
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