Amsterdam-based Formitable, an all-in-one growth platform for restaurants, announced on Thursday that it has raised €8M in growth capital from Mollie and Messagebird founder Adriaan Mol’s new investment vehicle Spacetime.
Spacetime offers long-term growth finance that is adaptable to technology startups across diverse sectors. It assists entrepreneurs in attaining development for their enterprises through active engagement and the sharing of its expertise, network, and experience gathered from founding organisations, including Mollie and MessageBird.
Capital utilisation
The company says that with this investment, Adriaan Mol and Formitable will expand their existing partnership and will focus on further product development and international expansion.
Formitable CEO, Raymond Wilders, says, “With this investment, we strengthen our position as market leader in the Netherlands in the field of growth solutions for restaurants. Partnering with Adriaan allows us to continually improve our products, contributing to a better guest experience, increased revenue and sustainable growth for restaurants. In doing so, it is our ambition to also become the market leader in Scandinavia and Germany, followed by the rest of Europe.”
Delivering a customisable online guest experience
Founded in 2017, Formitable is a growth platform for restaurants that helps over 3,000 clients improve their guest experience and to grow through loyalty and reservation solutions.
The company claims to be the market leader in the Netherlands. It is also active throughout Europe, with a strong focus on growth in Germany, Sweden, and Denmark. Top restaurants such as Geranium (awarded 1st place by The World’s 50 Best Restaurants this year), De Librije, and Coda use Formitable’s products.
The company’s app, Table, was released in 2021. With over 60,000 active users, Table is fast becoming the leading restaurant app in the Netherlands and Belgium. It will shortly be released in other European nations.
Innovative cooperation between Formitable and Mol
Formitable and Mol have been collaborating for a while. To solve the issue of no-shows, they implemented a prepayment system five years ago.
Adriaan Mol says, “Before Formitable was founded, systems for reservations, ticketing and loyalty were often confusing and old-fashioned. Traditional software doesn’t offer restaurants the simplicity and service they deserve.”
“Formitable has disrupted the market by offering restaurants good-looking, next-generation tools which allow them to focus on their guests and grow their business. Raymond and I share a belief in innovation, simplicity and technology that works. I look forward to continuing to innovate together, and to create products and services which help restaurants move forward and optimise guests’ experience simultaneously,” adds Mol.
Within a new partnership, Formitable and Mol, among other things, are also developing a system for restaurants and their guests where payment takes place without interruption after a reservation and restaurant visit.
Raymond Wilders says, ”Nobody likes asking for the bill, waiting a long time for it and then eventually paying. Restaurant staff also regularly experience problems with cash, non-functioning debit cards, wonky card machines or faltering smart devices. The payment process simply takes too long and doesn’t contribute to a joyful, hospitable restaurant experience. With this new technology, guests soon can, to put it bluntly, go for a meal without money. With our Table app, guests will not only be able to discover and book restaurants easily but also pay for their meal afterwards.”
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