Montreal, Québec (March 30, 2023) – Libro, a leading online reservation management platform, has secured a significant financing investment from Fondaction, a labor-sponsored fund that is a pioneer in sustainable finance in Québec, and BDC Capital, the investment division of Business Development Bank of Canada. The funds will be used to propel Libro’s ambitious growth plans and support the company’s ongoing mission to deliver an affordable, easy-to-use reservation platform that empowers restaurants of all sizes to focus on the guest experience, and increase sales.
The investment comes on the heels of Libro’s unprecedented year-over-year growth and record-making fourth-quarter sales. The company secured 664 new locations concluding FY2022 with a 74% increase in recurring revenue. In addition, Libro celebrated a 45% uptick in new business growth. Libro quickly capitalized on its year-end momentum and kicked off 2023 by signing 67 additional customers in January alone, including Boston Pizza, Les Enfants Terribles, Lawrence Restaurant, and Foiegwa.
“I’m extremely proud of the team at Libro and what we’ve been able to accomplish together,” says Lorne Schwartz, President of Libro. “We clearly resonate with those restaurateurs who have a need for a strong, yet simple reservation management tool that is packed with essential features and at a very reasonable price. This year, we’re adding some incredibly powerful new features that will not only help restaurants manage their reservations but increase revenues by driving customer engagement.”
“This investment fuels the digital transition of the restaurant industry. 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,” said Claire Brisson, Deputy Chief Investment Officer and Head of Impact Investing at Fondaction.
“Supporting the growth and success of Canada’s innovative companies is our mandate at BDC and Libro is the perfect example. Reservation management software is indispensable to successful restauranteurs, and the transparency and data-driven approach of Libro’s platform gives them a key differentiating factor. Their incredible year-over-year growth is a testament to the skill and experience of the management team and an indicator of what we can continue to expect from this company,” said Alexandre Leclerc, Director, Growth & Transition Capital at BDC Capital.
Libro is one of North America’s leading online reservation management solutions providing restaurants with an affordable, fully branded solution to fill tables, manage reservations, reduce no-shows, engage customers, and elevate the overall guest experience. The company’s Software-as-a-Service (SaaS) 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. Headquartered in Montreal, the Libro reservation platform is utilized at over 2,500 locations across Canada, the United States, and Europe. For more information, visit www.librorez.com.
As a labor-sponsored fund, Fondaction represents tens of thousands of savers and hundreds of companies committed to advancing Québec. Fondaction manages net assets totaling more than $3.25 billion invested in hundreds of companies and in the financial markets, favoring investments that generate positive economic, social, and environmental impacts in addition to a financial return. Fondaction participates in maintaining and creating jobs, reducing inequalities, and fighting climate change. For more information, visit www.fondaction.com.
About BDC Capital
BDC Capital is the investment division of BDC, the Business Development Bank of Canada. With more than $6 billion under management, BDC Capital is a strategic partner for the most innovative companies in the country. It offers a full range of capital for companies in the start-up phase and those looking for growth investment. BDC Capital supports Canadian entrepreneurs with the ambition to stand out on the world stage. For more information, visit www.bdc.ca/capital.