Dubbed the "personal dining concierge," the restaurant payment app Reserve won't pay your bill, but it will help pay that bill quicker and more discretely by eliminating the bill paying process typically done at the table.
In the most recent news for the startup, it was announced that Reserve raised $15 million, bringing its total amount raised to $17.3 million. The backers of the latest round include, Human Ventures Capital, Marchese's firm and Expa — the startup lab created by Uber co-founder Garrett Camp. Other contributors in the recent funding round are said to be First Round, Lowercase Capital, Advancit Capital, Sherpa Ventures, SV Angel, Venture51, Visionnaire Ventures, and angel investors including Jared Leto, Jon Favreau, and rapper Will.i.am.
"Many of our early investors are known for knowing a good thing when they see it. As our initial investors watched our progress and velocity, many of them urged us to pull together a syndicate round for our Series A to allow the group to continue to be involved at a larger level," Reserve CEO Greg Hong wrote in a company blog post. "The feedback, advice and support we’ve received from our investor group has been invaluable, and we’re glad to have the opportunity to continue to work and collaborate with so many talented individuals and organizations."
The Reserve app launched last fall for iOS with the help of Camp's startup incubator, and was designed to be a lot like the "Uber for restaurants," as it's been referenced. Much like Uber, diners don't have to worry about settling the bill when it comes to the table since the app is connected to the user's credit card. Diners can use the app to find a list of restaurants that accept the app and reserve all in one spot. For those who want to split the check, that's an option, too. For those who don't like the awkward encounter of battling over the check — reserve is one step ahead of that.
When the bill comes, the receipt will come with a message on it saying: "The check is paid." And the diners can go on their way. Like Uber, it can also have a default tipping preference that it automatically provides so consumers aren't left doing the math. Reserve is currently in New York, Boston, Los Angeles, San Francisco and currently has more than 110 restaurant partners. Last week, its Android App launched.
"We intend to use every penny to bring a better dining experience to more restaurant partners and diners, in more cities and on more devices, for special occasions and everyday meals. We look forward to bringing the Reserve experience to a broad array of restaurants and guests, and helping them at each and every meal," Hong wrote.