Restaurant authority guide Zagat Survey
Thursday made a minority investment in online dining reservation provider OpenTable.com.
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.
“This partnership is a big win for members of OpenTable.com and zagat.com,
who will enjoy the combined benefits of our content and OpenTable.com’s
pacesetting functionality,” said Tim Zagat, co-founder with his wife Nina of
Zagat Survey and its Internet business, Zagat.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.