Posiq, a Big Data play in the restaurant space, has announced a $3.2 million series A. The financing round was led by hospitality VC firm Thayer Ventures, with additional participation by SVG Partners.
A group of angels also contributed to the round, including Burton “Skip” Sack (former EVP of Applebee’s and presently a Partner and Chairman of Classic Restaurant Concepts), William S. McKiernan, (Founder and former CEO of CyberSource), Leland Pillsbury (Co-Chairman and Chief Executive Officer of Thayer Lodging Group), and Tony Isaac (former President of Lodgeworks).
The Posiq platform promises marketing, loyalty and analytics capabilities that rely on Big Data to deliver the most targeted deals, promotions and marketing messaging to restaurant customers without the usually intensive time commitment to successfully manage these services in the fast-paced restaurant business.
Founded in 2012, the CRM service company calls what they do as "helping restaurants and brands build deeper and more profitable customer relationships through Big Data."
These services are delivered via existing PC, tablet and cloud-based POS systems while also looking to mobile for a direct-to-guest connection with detailed purchase habits, brand and diet preferences, and demographic information.
In the funding announcement, founder and CEO Rick Onyon shares the company's positioning in the restaurant industry:
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.
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:
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. 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.
As part of the financing agreement, Thayer's Chris Hemmeter and SVG's John Stanton will join the Posiq Board of Directors.
NB: Wok range image courtesy Shutterstock.