Zagat Survey Invests in OpenTable.com
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Financial terms were not disclosed.
The agreement is the first in a series of moves by Zagat to increase its online offerings. OpenTable.com will use the funding to fuel the rapid, nationwide expansion of its fine-dining network.
The companies also inked a marketing alliance that will bring free, online restaurant reservations to diners across the country. Under the agreement, the two companies will develop a co-branded Web site that will enable consumers to make free online restaurant reservations. In addition, Zagat Survey's 30-point food, dicor and service ratings, plus cost estimates compiled from millions of surveyor entries, will be made available on OpenTable.com.
"We're looking forward to working with OpenTable.com to bring the great consumer benefits of their online reservation system to visitors of zagat.com."
In trying to elevate its online presence, Zagat Survey recently raised $31 million in venture financing from a prominent group of investors led by General Atlantic Partners and including Kleiner, Perkins, Caulfield & Byers; Allen & Company; Microsoft technology guru Nathan Mhyrvold; MIT Media Lab's Nicholas Negroponte and leading media investment banker, Nancy Peretsman.