Wait-Free Dining Startup Allset raises $2.35 Million
San Francisco-based wait-free dining startup Allset raised $2.35 million in seed funding. Allset focuses on the dine-in restaurant experience, enabling customers to both book a table and pre-order their meal at local restaurants making for a wait-free and more seamless lunch.
Including previously raised $1 million in pre seed funding, Allset has now raised a total of $3.35 million. Launched last year, Allset currently operates in San Francisco, Palo Alto, and Manhattan serving over 8,500 diners per month with more than 180 restaurant partners.
The new round was led by Metamorphic Ventures, with participation from Andreessen Horowitz, FJ Labs, and previous investors—SMRK VC Fund and private investor and entrepreneur Alexandr Chernyak.
Allset plans to utilize the new funds to expand into new markets (Los Angeles and Chicago) as well as for product research, development, and marketing.
“My team and I are really busy during the day and want to be able to schedule our lunch at restaurants on our time. Allset helps us a lot with that. We are always served upon arrival and finished in 30 minutes or less,” says Julian Zegelman, Velton Zegelman, VZ Ventures, corporate client of Allset. “The best part is that we have individual budgets, and all our expenses are billed to a single payment source. No more expensing or chasing down receipts, which saves us a lot of time."
Allset takes all the waiting out of eating at restaurants. It allows anyone to book, order & pay for their lunch at local restaurants before arrival. The app can save diners up to 30 minutes of time that is usually spent waiting for a table, food & check, and enable them to get on with their day.
“Allset provides strong benefits to both diners and restaurants while relieving significant friction from the dining experience on both sides of the table. I use the service as a consumer and love the experience,” says Jeff Jordan, Andreessen Horowitz, former OpenTable CEO.
Allset helps local restaurants bring in new customers during mid-week lunchtimes, increase table turnover by cutting dining time in half, and serve corporate clients for business meetings and employee lunches.
Unlike typical restaurant reservations services, Allset helps busy diners get their food fast and have lunch in under 30 minutes. Comparing to takeout services, Allset provides a full restaurant experience, a real restaurant lunch instead of a takeout box on the counter.
“I had many reasons to invest in this project initially and to continue investing during later investment rounds. First of all, I really believe in this service and I am 100 percent sure that everyone who has a tight schedule and values their time will benefit from using Allset. Not only does this startup allow to save time on lunch breaks, it also makes it easier to enjoy lunch breaks by removing stress from them. Second, as restaurants keep losing clients to the rising popularity of delivery services, Allset allows restaurants to increase lunchtime profits by becoming more efficient. The third reason is that this service is perfect for large companies striving to provide their employees with a meal plan,” says Alexandr Chernyak, private investor and entrepreneur. “Allset makes transactions easier and more transparent while, at the same time, making sure that employees are back on time from their lunch break. And the main reason, of course, is that I trust the team behind this project. These people believe in what they do. They really live for this project and have one goal and one goal only—to make lives of their clients easier and more productive.”
Earlier this year Allset released a Facebook Messenger bot to enable diners to book, order & pay ahead for lunch at local restaurants without downloading the Allset app, directly from Facebook Messenger on their phones and computers.
Also, the company has launched Allset for Business letting local companies to provide company-paid lunches at restaurants to their clients and employees.
Allset earns 10 percent from each order charged to the restaurant. The service is free for users.
“It’s a great honor to have support from such amazing people, and I’m thrilled to have Marc Michel (Metamorphic Ventures) and Jeff Jordan (Andreessen Horowitz, former OpenTable CEO) involved in our next stage of growth,” says Stas Matviyenko, CEO Allset. “This new round is a huge vote of confidence in our team and our mission to reclaim a restaurant lunch break. I’m really thankful to our amazing customers who’ve been supporting Allset on our early stages. We’ve got a lot of positive response from so many people, it gives us strength and motivation to move forward.”
"Thanks to Allset we can reach and engage with the growing audience of busy diners. The convenience of having a wait-free meal on your own schedule appeals to many people, and we're actually seeing Allset brings us more business during lunchtime," adds Boris Artemyev, general manager at Mari Vanna Restaurant.