Airbnb Enters The Restaurant Investor Game With Resy But Is It Needed?
Dropping some serious coin on the next endeavor, Airbnb has become the leading investor in restaurant reservation app, Resy—it's worth $13 million in funding, meaning that Airbnb is the lead investor in Resy's current funding round.
The aim for Airbnb is to become the leading app on all aspects lifestyle. From your stay, to the best eats, potentially shopping, and maybe working in an IfOnly angle in there too—the monster is growing. Airbnb's CEO Brian Chesky issued a statement about the investment:
Resy was founded two years ago in New York in part by a cofounder of Eater.com, Ben Leventhal, who serves as Resy's CEO. What used to be a 2014 bidding for a table platform now operates like a higher end Opentable, Resy is dwarfed in market share, however, with about 1,000 restaurants in 50 markets, compared to OpenTable's 40,000. That's competition. Resy also offers restaurants their own OS to take bookings and reservations like it's OpenTable counterpart.
The app is looking to add integrated technology to the forefront: Apple Watch notifications to waitstaff when a new table is seated in their section. But how needed is it? With the most recent article on the "restaurant bubble" and it's inevitable pop, fine dining is shuttering as much younger and cooler joints open up for a millennial eater. With the closure of SF's AQ earlier this year, we're seeing resurgence in spots that are all about a pick up and go method. Sitting down is in the past, right? Even places like Jane's Bakery are offering pre-made bites for those who can't stick around—who has the time to sit around anymore?
The Airbnb app is expected to feature Resy reservation integration by April, according to the Journal, though Eater says that may happen as soon as February.