Innovative food and beverage private equity firm partners with the repair and maintenance platform built for the restaurant industry
Salt Lake City, UT (RestaurantNews.com) Savory Fund is making its first food and beverage technology investment in 86 Repairs – a Chicago-based restaurant tech company that makes managing equipment repairs as easy and efficient as possible for operators.
86 Repairs offers restaurants and other commercial kitchens 24/7/365 support for on-demand repair management and preventative maintenance programs, along with access to never-before-seen, data-driven insights on repair and maintenance (R&M) spending. The company provides indispensable R&M savings at a time when the restaurant industry is struggling to maximize profits, as customers currently see a 7X annual return on their investment.
“As restaurant operators ourselves, we know how difficult managing R&M can be,” said Andrew Smith, Managing Director at Savory Fund. “It’s been difficult to find a good solution for managing and supporting 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. We’re excited to see the future of the brand as it picks up momentum and rapidly expands across the industry.”
86 Repairs recently 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, Tamarind Hill, MATH Venture Partners, and others. The investment will allow 86 Repairs to drive product innovation and market expansion after 3X year-over-year revenue growth.
“As restaurants continue to navigate through this difficult period, operators are looking for ways that technology can support their businesses,” said Daniel Estrada, Co-Founder and CEO of 86 Repairs. “Restaurant operators like Savory Fund are leveraging our solution to save time and money, and we’re proud to expand our reach across the industry with their support as an investor.”
About Savory Fund
Savory Fund is an innovative private equity firm that combines over $500 million in assets under management with a growth playbook and expertise that has been developed over 15 years of operating in the restaurant industry. Savory partners with high-potential, profitable, emerging restaurant brands, to deliver financial capital, industry expertise, growth and revenue opportunities, profitability enhancements and new location development. The Savory team contributes directly to all aspects of growth and replication by using a proven playbook and methodology. Founder involvement in the expansion of a brand is a central theme of the Savory approach as founders carry the tribal knowledge around the uniqueness that has energized early success and is essential to future growth. For more information, visit SavoryFund.com.
About 86 Repairs
86 Repairs is the repair and maintenance management platform built for the restaurant industry. Our tech-enabled solution includes on-demand repair management and preventative maintenance. With 86 Repairs, restaurants have access to data-driven insights and 24/7 support to control their facilities, reduce their R&M costs, and spend less of their team’s time on equipment repairs.
86 Repairs manages the repair and maintenance process for more than 2,000 restaurant operators in the U.S. and Canada, from upscale full service restaurants to quick service franchised brands. Some notable customers include Boka Restaurant Group, Castellucci Hospitality Group, and 4 Rivers Smokehouse, and quick-service brands like McDonald’s, Jimmy John’s, Sonic Drive-Ins, Taco Bell, and many others. Learn more at https://www.86repairs.com.
The post Savory Fund Invests Into Tech-Enabled Solution – 86 Repairs first appeared on RestaurantNews.com.
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Author: RestaurantNews.com Savory Fund Invests Into Tech-Enabled Solution – 86 Repairs RestaurantNews.com https://www.restaurantnews.com/savory-fund-invests-into-tech-enabled-solution-86-repairs-080322/ https://www.restaurantnews.com/feed/ August 4, 2022 RestaurantNews.com 12:03 am