Business Dining Marketplace Surpasses $7B in Spend
Monday, March 5th, 2018
Dinova, Inc., a business dining marketplace, is celebrating another year of positive growth with the release of its 2017 results. Significantly, Dinova reports that its annual business dining spend under management surpassed $7 billion in 2017, a milestone for the nine-year-old startup. This increase comes on the heels of a great fourth quarter, in which overall spending through the company's marketplace increased 24% over Q4 2016. For the year, the number of transactions in the entire Dinova marketplace increased by 22% compared to FY2016.
Business dining is the third largest travel and entertainment expense category for enterprise and small to medium sized businesses, and it's the most undermanaged. Dinova companies seek to harness this expense category by participating in the program. Aptly, in Q4 2017, Dinova's enterprise accounts saw a 17% increase in marketplace spend and participating restaurants saw a 6% increase in average check size.
While the restaurant industry at large saw little growth in the first 3 quarters of 2017 and a small uptick at the end of the year, it still wasn't a good year overall. In contrast, Dinova partner restaurants saw increased traffic throughout the year from the 22% increase in marketplace spend. This boost is a product of continued adoption of Dinova's program among corporations, and giving restaurants access to proprietary channels that would otherwise not be available.
"Surpassing $7 billion in annual business dining spend influence is tremendously exciting for us," said Vic Macchio, CEO and founder of Dinova. "In this $60 billion industry, we are confident that our marketplace – and our ability to shine a spotlight on the value of business dining – will only continue to grow."