BR Venture Fund Backs Restaurant Revolution Technologies
Student-run venture fund invests in emerging leader in restaurant order management technology
ITHACA, N.Y., Sept. 1, 2011 /PRNewswire-USNewswire/ — BR Venture Fund (BRV), an MBA student-run venture fund of the Samuel Curtis Johnson Graduate School of Management at Cornell University, today announced that it has invested in Restaurant Revolution Technologies (RRT), a restaurant order management technology company. BRV joins a group of investors in this capital round with an investment of an undisclosed amount.
RRT’s innovative technology allows them to manage all of their restaurant industry clients’ off-premise takeout and delivery orders. By managing the operations from order to table, RRT’s exceptional service improves the customer experience, eliminating common issues with phone placed orders such as dropped calls and long answer time. RRT’s current clients have seen improved revenue and more satisfied customers at a much lower cost.
“We are excited to have BRV participate in this financing, and look forward to leveraging Cornell’s deep expertise in the hospitality industry,” said Michael Dicks, Chief Executive Officer of RRT. “RRT is well positioned with strong technology and compelling results with our first customers. BRV’s investment will enable us to expand to larger restaurant chains and bring RRT services to thousands of locations.”
“We remain in a time of ramped commercialization of technology and disruptive software that are vastly optimizing business operations. RRT fits this mold, and is an exciting investment for BRV,” said Aaron Holiday, Chief Operating Officer of BRV.
Cornell’s core areas of expertise, engineering and hospitality, align perfectly with RRT’s mission and goals. BRV, an affiliate program of Johnson’s Entrepreneurship and Innovation Institute (EII) is well positioned to help RRT achieve significant future growth.
“BRV is a powerful example of the experiential learning opportunities that Johnson offers – a wholly unique, true differentiator. We look forward to the success of Restaurant Revolution Technologies,” said Rhett Weiss, executive director of EII.
About BR Venture Fund
BR Venture Fund (BRV) is an MBA student-run, evergreen, early stage venture fund of the Samuel Curtis Johnson Graduate School of Management at Cornell University. With over eight portfolio companies spanning high-tech, healthcare, biotech and sustainable technologies, BRV’s investments represent the cutting edge research at Cornell University and rapidly growing businesses accelerated by organizations such as TechStars. BRV is committed to promoting entrepreneurship at Cornell and in the local community. It has several partnerships with prominent angel VC groups in upstate New York and with larger venture capital firms in Boston, New York, Menlo Park, and Seattle. For more information, please visit http://brventurefund.com/.
About Restaurant Revolution Technologies
RRT extends the four walls of restaurants and scales their ability to handle customers by managing all takeout and delivery orders for its’ restaurant industry clients. With the first technology solution to manage the customer process from the order through pickup, RRT provides an exceptional customer experience, increased revenue, and lower costs through using its order management technology. RRT’s current clients have improved revenue and operations with faster answer time, fewer dropped calls, more repeat customers, higher average orders and more satisfied customers – all at a lower cost than doing it themselves. For more information, please visit: http://www.rrtusa.com.
About Johnson at Cornell University
Founded in 1946, the Samuel Curtis Johnson Graduate School of Management is consistently ranked as one of the top graduate schools of business. Johnson builds upon Cornell’s depth and breadth of distinguished research and teaching, and its vast, worldwide network of alumni, faculty, and colleagues. The school’s “performance learning” approach offers students defined frameworks and analytical tools, combined with expert feedback to solve real problems in real organizations. Deliberately small and extremely selective, Johnson maintains an intense, collaborative community, where students develop teamwork and networking skills that foster innovation and deliver results. Programs include one- and two-year MBA degrees, an Executive MBA and the Cornell-Queen’s Executive MBA, which offers interactive videoconferencing sessions across the U.S. and Canada. For more about the Johnson at Cornell University please visit: www.johnson.cornell.edu.
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SOURCE The Johnson School at Cornell University