Zagat Survey Invests in OpenTable.com
February 16, 2000
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NEW YORK, NY and SAN FRANCISCO, Calif. (February 16, 2000) - OpenTable.com, the nation’s foremost provider of online reservations - and Zagat Survey, the country’s most authoritative dining guide, announced today a strategic partnership and a minority investment by Zagat Survey in OpenTable.com. Both steps are the first in a series of moves by Zagat to increase its online offerings. OpenTable.com will use the funding to fuel the rapid, nationwide expansion of its fine dining network.
The companies also announced a strategic marketing alliance that will bring free, online restaurant reservations to diners across the country. Under the agreement, the two companies will develop a co-branded website that will enable consumers to make free online restaurant reservations. In addition, Zagat Survey’s 30-point food, décor and service ratings, plus cost estimates compiled from millions of surveyor entries, will be made available on www.opentable.com. The marketing agreement with Zagat is one in a series of announcements as OpenTable.com increases the reach of its online reservation network through strategic partnerships.
“Zagat’s consumer-derived content will be an invaluable addition to the OpenTable.com network,” said Chuck Templeton, OpenTable.com founder and CEO. “This agreement will extend the reach of our online reservation network to the members of zagat.com, and will further our ability to help people who enjoy dining take full advantage of the Internet as a tool for quickly and easily planning their time out.”
“This partnership is a big win for members of OpenTable.com and zagat.com, who will enjoy the combined benefits of our content and OpenTable.com’s pacesetting functionality,” said Tim Zagat, co-founder with his wife Nina of Zagat Survey and its Internet business, Zagat.com. “We’re looking forward to working with OpenTable.com to bring the great consumer benefits of their online reservation system to visitors of zagat.com.”
Rich Melman, Chairman of Lettuce Entertain You Enterprises, one of the nation’s leading high-end restaurant operators, said, “Zagat is the premier restaurant guide -- anyone they align with will have a strong ally because Zagat stands for quality and, more importantly, the voice of the consumer.” Melman is also an investor in OpenTable.com.
About OpenTable.com
OpenTable.com, the leading restaurant reservation network, is based in San Francisco, California, and has offices in New York, Chicago, Boston, Los Angeles, Seattle and Washington DC. OpenTable.com is an Internet company dedicated to providing dining consumers with the best possible reservation experience, and restaurants with the best available customer management tools. OpenTable.com has partnered with restaurants from An American Restaurant Group, Ark Restaurants Corp., California Café Restaurant Corp., the Lark Creek Group, Lettuce Entertain You Enterprises, Inc., Real Restaurant Group, Restaurants Unlimited, and Union Square Hospitality Group. OpenTable.com is backed by leading Venture Capital firms including Impact Venture Partners, Benchmark Capital and Prescient Capital. For more information about OpenTable.com or its online restaurant reservation network visit www.opentable.com or call 1.800.OPENTABLE.
About Zagat Survey
Zagat Survey, established in 1979 by Tim and Nina Zagat, was the first content company to harness the power of the consumer with its trusted series of restaurant, hotel and marketplace guides. Succinct, witty compilations of millions of annual surveyor comments and Zagat’s trademark 30-point rating system distinguish the guides, which cover more than 45 markets worldwide. Zagat Survey ratings and reviews have been the principal source of restaurant information available online since the late 1980’s on Prodigy, CompuServe, AOL, Sidewalk, Travelocity, Pactel, USWest, Ameritech and Pathfinder. In addition Zagat has partnered with Microsoft, Apple, Sony and NewsCorp to provide electronic products. Most recently Zagat has worked with NTT DoCoMo in connection with its highly successful new cell phone, the I-Mode, a model for wireless devices that have yet to be instituted in the U.S. Zagat Survey content is available online at www.zagat.com , where users can access more than 30,000 reviews, voice their opinions, and execute related transactions.
Zagat Survey recently raised $31 million in venture financing from a prominent group of investors led by General Atlantic Partners and including Kleiner, Perkins, Caulfield & Byers; Allen & Company; Microsoft technology guru Nathan Mhyrvold; MIT Media Lab’s Nicholas Negroponte and leading media investment banker, Nancy Peretsman. These funds will be used to accelerate Zagat Survey's online development - both deeper in terms of restaurants and broader to other lifestyle areas.
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