86 Repairs has raised $15.2 million for its technology that helps restaurants manage equipment repairs and maintenance.
The Series A round was led by B2B-focused investor Storm Ventures and also featured the first tech investment from Savory Fund, the $200 million offshoot of Mercato Partners that is focused on emerging restaurant concepts.
It comes a year after Chicago-based 86 closed out a $7.3 million seed funding round, and features many of the funders from that investment, including TDF Ventures, Gordon Foodservice and Cleveland Avenue, a group led by former McDonald’s CEO Don Thompson.
86 said the capital will help it continue to innovate and grow after its business expanded threefold over the past year.
According to the company, restaurants spend $28 billion on repairs and maintenance every year and lose $46 billion in revenue due to equipment being down. The company offers products intended to make that process easier and faster so restaurants can save money.
With its on-demand repair service, for instance, operators can contact 86 when something breaks. The company takes over from there, working with a restaurant’s preferred vendor or from its own network of vendors to fix it. It also offers a preventative maintenance program that takes stock of a restaurant’s inventory and lets it know when service is needed. 86 can also collect and analyze repair and maintenance data to help operators make decisions.
“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,” said Daniel Estrada, co-founder and CEO of 86 Repairs, in a statement.
86 Repairs got a big endorsement from the Savory Fund, which is run by restaurateurs who have used the technology in their own operations.
“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,” said Savory Managing Director Andrew Smith. “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 currently works with more than 2,000 restaurants in the U.S. and Canada.