If you owned a restaurant, wouldn't it be nice to have someone promote your scrumptious goodness but only have to pay when new customers come in the door? And as an eager diner, how would you like to buy $50 gift dining certificates for $25? With Restaurant.com everyone wins - you eat cheap and restaurants get new traffic in the door.
The company was founded by Cary Chessick, Scott Lutwak, and Steve Savad in 1999 with $7.4 million in angel funding. They began building an all-purpose dining portal complete with menus, video tours, and online reservations--but cash-strapped restaurants were charged to participate. The company struggled until 2001 when it bought CitySpree, a company that sold gift certificates. With this they launched the discounted gift certificates for restaurants and have grown ever since. Today, over 7,000 restaurants nationwide participate.
Dimensions: ~85 people x 7 years x $7MM
Funding: $7.4 million from angel investors in 1999
Customers: Consumers who want to try new restaurants, and restaurants that want new customers
Location: Chicago [Arlington Heights] + www.restaurant.com
