Chicago-based 86 Repairs raises $7.3 million in a new funding round
Category: #business  By Pankaj Singh  Date: 2021-07-15
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Chicago-based 86 Repairs raises $7.3 million in a new funding round

86 Repairs, a Chicago-based restaurant tech company, has recently announced securing additional $5.3 million from investors including MATH Venture Partners, TDF Ventures, Revolution, Cleveland Avenue and Gordon Food Service (GFS),

As per sources, the added investment brings the company's raised funds in the round to $7.3 million coupled with a total capital raised to $8.8 million till date. The funding will assist 86 Repairs' 146% yearly growth and help scale its innovation activities and data-driven technologies.

Revolutionizing the $26 billion restaurant equipment repair and maintenance (R&M) sector, 86 Repairs streamlines end-to-end repair and maintenance processes for restaurants and offers actionable data to improve back-of-house operations.

Consequently, this helps restaurants save substantial time and money, as evidenced by the recently released annual State of Repairs Report. Reports cite that restaurants are spending around 3% of their yearly revenue on repairs and maintenance.

As per Daniel Estrada, Co-Founder and CEO of 86 Repairs, their company offers a vital tool for back-of-house automation and post-pandemic expansion, especially as operators are seeking ways to improve their processes by leveraging technology.

He added that restaurants are using their service to save time and money, and their firm is delighted to have the backing of a fantastic group of investors who believe in their vision of bringing 86 Repairs to kitchens everywhere.

Since its inception in the year 2018, 86 Repairs have saved a lot of money for its customers with an aggregate of $2.2 million through its data-driven approach to on-demand maintenance, preventative maintenance, and proactive analytics.

In March this year, the company reported $2 million in funding from investors like Gordon Food Service (GFS), Invest Detroit Ventures, TDF Ventures, HAVI, Network Ventures, Cleveland Avenue and Michigan Rise. Additionally, it raised $1.5 million in a round led by Tamarind Hill.

Source Credit - https://www.prnewswire.com/news-releases/86-repairs-secures-7-3-million-in-funding-301332051.html

 

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Pankaj Singh    

Pankaj Singh

With an experience as an insurance underwriter and a freelance writer under his belt, Pankaj Singh boasts of quite some expertise in the field of content creation. A qualified Post Graduate in Management, Pankaj has also completed a detailed course in Digital Marketin...

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