The restaurant industry moves quickly, meaning any disruption in services can be a big hit, especially if it happens during a busy period for the establishment. 86 Repairs offers a solution to that with a platform built around on-demand repairs and preventative maintenance. It includes insights and support that can help restaurants focus on business and not worry about the equipment that keeps it going. And it is trusted by some of the biggest names in the game, including McDonald’s, Cinnabon, and Tim Hortons. Take a look at the following press release for details on the company and how it plans to use this round of funding.
Chicago-based restaurant tech company 86 Repairs today announced it raised $15.2 million in Series A funding led by Silicon Valley-based Storm Ventures with participation from Savory Fund, Lightbank, TDF Ventures, Gordon Food Service (GFS), Cleveland Avenue, MATH Venture Partners, Tamarind Hill, and others. The investment will allow 86 Repairs to drive product innovation and support its nearly 3x year-over-year revenue growth.
86 Repairs offers restaurants and other commercial kitchen operators 24/7/365 support for on-demand repair management, preventative maintenance programs, and access to never-before-seen, data-driven insights on repair and maintenance (R&M) spend. The company provides indispensable R&M savings at a time when the restaurant industry is struggling more than ever, with customers seeing a 7.2x annual return on their investment.
“86 Repairs is changing how restaurant operators address this long-standing pain point,” says Pascale Diaine, Partner at Storm Ventures. “When we saw how the market has responded to their solution, we understood that something very special is happening at 86 Repairs, with a seismic impact on the industry.”
With 1.2 million unfilled hospitality jobs, a third of skilled trades workers retiring by 2030, and supply chain issues driving longer lead times, time is an invaluable asset for restaurant operators. Restaurant teams are able to stay laser-focused on their customers while 86 Repairs takes repairs off their plates.
“As restaurant operators ourselves, we know how difficult managing R&M can be,” says Andrew Smith, Managing Director at Savory Fund. “We were never able to find a good solution to help us manage and support such a large part of our business until we became an 86 Repairs customer. I’ve seen firsthand how this solution streamlines day-to-day operations, and it’s become a must-have technology for our operational service teams.”
“86 Repairs is Savory Fund’s first-ever tech investment, and it was worth waiting for. We’re excited to see the company rapidly expand across the industry as more and more operators see the benefits we are experiencing ourselves.”
Restaurants spend $28 billion on R&M and lose $46 billion of revenue due to equipment downtime every year. 86 Repairs saves customers time and money by improving equipment uptime and managing critical aspects of the operation, like equipment warranties and service dispatch, while offering data and insights not found anywhere else in this massive industry. In addition, the company’s annual State of Repairs report is a compilation of high-level R&M data, which gives commercial kitchen operators important information they need to make more informed decisions—even if they don’t work with the company.
“We’re living through the most challenging period in the history of the restaurant industry, and our customers constantly inspire me with their creativity and grit as they navigate this new reality,” says Daniel Estrada, Co-Founder and CEO of 86 Repairs. “I’m proud of the value we’re providing through the 86 Repairs platform, and I’m excited to continue expanding our reach with the support of our world-class investors and team.”
Last year, 86 Repairs closed $5.3 million in seed funding from investors including TDF Ventures, Gordon Food Service (GFS), MATH Venture Partners, Cleveland Avenue, Tamarind Hill, and Revolution’s Rise of the Rest Seed Fund. The company’s Series A brings the total investment in 86 Repairs to $24 million.
The original press release can be found on PR Newswire.