Restoration service provider 86 Repairs raises $15.2 million in latest funding round

86 Repairs Inc.a restaurant equipment repair and maintenance company founded in Grand Rapids, raised $15.2 million from investors to support the company’s continued growth.

The $15.2 million Series A funding was led by Silicon Valley-based Storm Ventures and included participation from the Wyoming-based company. Gordon Food Service Inc. and Chicago-based Cleveland Avenue. The increase, which will support product innovation and nearly three times year-over-year revenue growth, comes after the company landed $7.3 million in seed funding in 2021.

86 Repairs, which also has operations in Chicago, partners with restaurants to provide end-to-end repair and maintenance of kitchen equipment. It also publishes an annual “State of Repairs” report on industry trends as restaurants face rising equipment repair costs and ongoing labor shortages.

“These are the most difficult times in the history of the restaurant industry, and our customers constantly inspire me with their creativity and courage as they navigate this new reality,” said the co-founder. of 86 Repairs, Daniel Estrada, in an announcement about the new funding round. “I’m proud of the value we deliver through the 86 Repairs platform, and I’m excited to continue to expand our reach with the support of our investors and our world-renowned team.”

In addition to labor issues, the average cost to repair kitchen equipment rose 38% in 2021, according to the latest report from 86 Repairs. For example, an average service visit to repair a fryer costs operators $735 and $1,000 for a cold room.

Longer lead times also plague restaurateurs with more downtime, limiting a restaurant’s ability to produce menu items. According to 86 Repairs, restaurants nationwide spend $28 billion annually on equipment repairs and maintenance and $35 billion on new equipment.

The company has now raised a total of $24 million in investments since its founding. It manages repairs and maintenance for more than 2,000 restaurant operators in the United States and Canada, ranging from high-end full-service restaurants to fast-food franchises.

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