Tripleseat
Tripleseat provides a SaaS-based sales and event management platform that enables restaurants and other venues to manage private event bookings.
Quick Facts
Background
As restaurants and hotels look to drive revenue and margins, particularly as consumer demand remains strong coming out of Covid, they are increasingly turning to technology to manage the private dining / event side of their business, which on average accounts for 30% of revenue. Tripleseat provides a workflow and booking tool for those venues to manage customer communications, bookings, and events.
Opportunities
Improve Metrics Capture To Drive Better Business Decision Making
Tripleseat had strong sales growth but lacked a scalable GTM org structure and KPI tracking. We helped them with dashboarding and reporting to ultimately improve decision-making around sales team investments.
Increase Addressable Market Opportunity
Tripleseat had ample market opportunity within restaurants but we saw opportunity to expand this via entering the hotel market and improving the payments monetization. Tripleseat now has a strong hotel product and sees higher uptake on its payments product across the customer base.
Remain Opportunistic On Market Consolidation
While Tripleseat held a market leading position, they had less capability in customer booking and certain geographies. When the opportunity arose to merge with Gather, who helped fill some of these gaps, we aided Tripleseat in the analysis and execution of this merger alongside Vista Equity.
Value Created
Level initially invested in Tripleseat in 2017 when the organization had 30 employees. Tripleseat was a rapid growth company in the private dining software space with a strong brand but an underdeveloped financial and sales infrastructure. We helped to more than double the size of the team and improve both financial and KPI reporting. Additionally, we helped Tripleseat enter the hotel market, build a presence in certain European cities, and improve payments monetization.
Merging with Gather in 2020 further accelerated Tripleseat’s growth and enhanced its customer-facing booking capabilities. Following the merger, Tripleseat hired a new CFO and further enhanced its reporting and tracking sophistication, leading to better business visibility and decision-making. Level helped orchestrate the majority recap process alongside Vista and a financial advisor, resulting in a significant investment from General Atlantic in April 2023.
Partner Testimonial
“As a founder who has had the pleasure of working with Level Equity, I can confidently say that they are a top-notch investment firm that truly cares about the success of their portfolio companies. From the initial investment to ongoing support, Level Equity has been an invaluable partner in helping us achieve our business goals. Their team is made up of seasoned experts who not only bring a wealth of knowledge and experience to the table but also a genuine passion for entrepreneurship. Their approach is collaborative, transparent, and always focused on creating value for their partners.”
