Restaurant reservation management platform Libro books financing

• The investors are Fondaction and BDC Capital
• Libro provides restaurants with an affordable solution to fill tables, manage reservations, reduce no-shows, engage customers and elevate the overall guest experience
• The funds raised will be used by the company to support its growth plans

Libro, a Montreal-based online reservation management software platform for restaurants, has secured undisclosed financing. The investors are Fondaction and BDC Capital.

Libro provides restaurants with an affordable solution to fill tables, manage reservations, reduce no-shows, engage customers and elevate the overall guest experience. The company’s software-as-a-service platform empowers restaurateurs to control the entire online reservation experience, retain all customer information, and eliminate pricey commission models that often come with third-party reservation sites. The platform is utilized at more than 2,500 locations across Canada, the United States and Europe.

The funds raised will be used by the company to support its growth plans.

“This investment fuels the digital transition of the restaurant industry,” said Claire Brisson, deputy chief investment officer and head of impact investing at Fondaction, in a statement. “This sector has been particularly affected by the pandemic and must now incorporate all the means at its disposal to improve its agility and performance. Fondaction is pleased to support a competent and ambitious team that is helping to strengthen the economic and social synergy of this industry.”

Fondaction is a Quebec labour-sponsored investment fund headquartered in Montreal. It manages net assets totaling more than C$3.25 billion.

BDC Capital is the venture capital, growth equity, and growth and transition capital arm of the Montreal-based Business Development Bank of Canada. It has more than C$6 billion under management.