$708,000 worth of equity security was successfully sold by ChowNow on Christmas eve to twelve investors. The company expects to raise an additional $612,000 within a year. Two previous financing rounds raised an estimated $5 million since September 2012. The Launchpad LA alumnus has among its investors Upfront Ventures (formerly GRP Partners), Karlin Ventures, Daher Capital and Kensington Capital Holdings.
The company’s initial focus was on enabling online ordering through restaurant’s website, Facebook page and mobile application. It has now moved on providing marketing services to merchants to leverage their customer relationship management (CRM) data. ChowNow is built as a platform and its services are sold as a flat Software as a Service (SaaS) licencing fee. In 2013 the company dedicated itself to bringing on customers for its core online ordering product and focused on adequately staffing its sales and customer service departments.
ChowNow, headquartered in Venice CA, is led by Christopher Webb (Co-founder, President and CEO). Revenues were not disclosed. The executive team includes Eric Jaffe (Co-founder and COO) and Josiah Carlson (Co-founder and CTO). The board of directors includes Steven Dietz (Upfront Ventures).
Status: First close
Industry: Other Technology
Amount offered: $1.32 million
First Sale: 12/24/13