Japan-Based Toreta Secures $2 Million Funding From WiL.
Japan-based Toreta, the startup that provides the reservation management system for restaurants, has recently announced that it has manage to raise 200 million yen ($2 million) from Silicon Valley-based investment company WiL(World Innovation Lab).
Along with this recent announcement, the company has also revealed that Kengo Yoshida, the former executive at Japanese internet giant GMO Pepabo, shall also be joining the bard of management. They will utilize these recent funds to further stregthen their engineering and marketing forces.
Since its initial launch during December, the comapny has acquired over more than 1,000 restaurants as users. The services monthly charge amounts to 9,000 yen ($90) a restaurant, so its easier to figure out how much money they are making every single month.
According to the company’s own CEO Hitoshi Nakamura, around 500,000 restaurants annually generate $226 billion in the Japanese restaurant industry. He stated the the company will the top 20% of restaurants in Japan, which will bring in a revenue that amounts to $98 million.
Plenty of restaurants tend to use a conventional online reservation platform, such as OpenTable, check a reservation book and manually input reservations to the online system. This process is time-consuming and can cause booking problems.
Although, Toreta can check the status of table availability of participating restaurants utilizing the platform and shall also help them fill their vacancies by sending them customers in a much more efficient manner. Nakamura elaborated:
However, Toreta can check the status of table availability of participating restaurants using the platform and help them fill their vacancies by sending them customers in an efficient way. Nakamura explained:
We can manage the table availability of restaurants as our inventory using the system. In this way, we are more likely to receive reservations through foodie websites and send them to the restaurants. We are planning to develop an API to integrate with marketing websites (such as Tabelog or Gurunavi).