Savory Fund is making its first food and beverage technology investment in 86 Repairs – a Chicago-based restaurant tech company that makes managing equipment repairs as easy and efficient as possible for operators.
86 Repairs offers restaurants and other commercial kitchens 24/7/365 support for on-demand repair management and preventative maintenance programs, along with access to never-before-seen, data-driven insights on repair and maintenance (R&M) spending. The company provides indispensable R&M savings at a time when the restaurant industry is struggling to maximize profits, as customers currently see a 7X annual return on their investment.
“As restaurant operators ourselves, we know how difficult managing R&M can be,” said Andrew Smith, Managing Director at Savory Fund. “It’s been difficult to find a good solution for managing and supporting such a large part of our business until we became an 86 Repairs customer. I’ve seen firsthand how this solution streamlines day-to-day operations, and it’s become a must-have technology for our operational service teams. We’re excited to see the future of the brand as it picks up momentum and rapidly expands across the industry.”
86 Repairs recently announced it raised $15.2 million in Series A funding led by Silicon Valley-based Storm Ventures with participation from Savory Fund, Lightbank, TDF Ventures, Gordon Food Service (GFS), Cleveland Avenue, Tamarind Hill, MATH Venture Partners, and others. The investment will allow 86 Repairs to drive product innovation and market expansion after 3X year-over-year revenue growth.
“As restaurants continue to navigate through this difficult period, operators are looking for ways that technology can support their businesses,” said Daniel Estrada, Co-Founder and CEO of 86 Repairs. “Restaurant operators like Savory Fund are leveraging our solution to save time and money, and we’re proud to expand our reach across the industry with their support as an investor.”