Improving Guest Experience at Restaurants: Our Investment in Superb
We are happy to announce our latest investment in the €12M Series A round of Superb Experience (“Superb”), together with Kinnevik. Superb is on a journey to help restaurant owners providing personalized guest experiences through its all-in-one operating software. By providing a reservation and CRM system, point-of-sale system and payment solution, Superb allows restaurant owners to digitize their workflows in one unified operating system and to increase guest satisfaction by leveraging on all customer insights drawn from its platform. Superb is founded by Zaedo Musa (CEO) and Martin Jensen (CSO) in 2017 and employs over 50 people from their head office in Copenhagen, Denmark.
What & Why
Have you ever walked into a restaurant, where they said: “Hi Sir/Madam, great to see you again, here is your favorite drink on the house”? This has probably never happened. The reason that this almost never happens is that restaurants do not know whether you have visited the restaurant before if you are a regular customer and what your favorite food or drink or perhaps allergy is. Restaurants simply don’t have the resources to accomplish this on a big scale.
Superb overcomes this challenge by creating a user-friendly all-in-one operating system for restaurant owners. By collecting and matching all data points at any touchpoint to a customer (e.g., reservation, orders, responses to digital messages, and payment), guest profiles are created which will help restaurants understand the history and behavior of the customer. This allows them to use this information for marketing activities such as providing tailor-made (loyalty) discounts, recommendations, and opportunities to run marketing campaigns on look-a-like audiences.
The domain of Guest Experience Management will ultimately help restaurants to win more customers and even retain these. On top of that, Superb saves restaurant owners time because they do not have to shift between different tools or work with integrations ‘that don’t work seamlessly together'.
The importance of creating an excellent guest experience is emphasized by the relevancy of repeat customers who represent 15% of the customer base of a restaurant, whilst generating 33% of the revenues. The deployment of technology for guest experience in the restaurant sector is acknowledged by 73% of the restaurant owners and illustrated by data-driven restaurants that have delivered three times greater returns for shareholders than ‘normal’ restaurants.
Guest Experience Management is an absolute must for restaurants to digitize their workflows and better serve existing and new customer groups. Superb is greatly positioned to take this market as the only true all-in-one operating system with best-in-class customer understanding. Our investment thesis was driven by:
The vision of Guest Experience Management: Many industries have shown the impact of marketing on the bottom line. We believe that many restaurants can optimize their performance ‘10X’ by providing a better-personalized guest experience and leveraging marketing opportunities. Superb provides the tooling for restaurants to do so. This is increasingly relevant in a post-pandemic time period, the underperformance of traditional B2C aggregators, and the rise of omnichannel.
Team: Zaedo and his team have demonstrated a tremendous understanding of product vision and ambition to digitize the workflows of restaurants and helping them boost their revenues.
Market: The EU restaurant market size is estimated at $508 billion and highly fragmented, with the top 30 chains owning 12% of the market. Historically, small and medium-size restaurants have not had access to high-quality software.
Product Experience: Because of its native platform, Superb can provide a seamless and frictionless experience and enable restaurant owners to leverage the collected guest profiles in a GDPR compliant way. We like to draw a parallel with Apple.
Traction: The Superb team has demonstrated strong traction amidst the Covid-19 pandemic. We believe the team is on the right path to accelerate this even further post the lockdowns.
Through this message, we would like to congratulate our investing partner Kinnevik and the founders of Superb in reaching this great milestone. We’re looking forward to supporting the team in their journey!
More information about Superb can be found on their website: https://www.superbexperience.com/. Feel free to reach out to firstname.lastname@example.org for additional information or share experiences about any B2B SaaS market.