VillageVines, the web's leading service for accessing insider pricing at premier restaurants nationwide, announced that it is relaunching as Savored.com, expanding into ten U.S. markets, and introducing a completely new site focused on inspiring diners to indulge at exceptional restaurants.
Savored will double its national footprint with expansion to Atlanta, Boston, Denver, Miami, and Philadelphia (the company already serves New York City, Chicago, San Francisco, Los Angeles, and Washington D.C.).
Having launched less than a year ago, Savored has proven to be the only deal site able to work with the highest echelon of restaurants. Restaurants offering 30 percent off to Savored members include: Daniel Boulud, Jean-Louis, Peter Kelly's Xaviars, Capital Grille, China Grill, Aquavit, the Patina Group, and more than 500 other top-tier restaurants working exclusively with Savored.
The company credits its success to the fact that it has tailored its product specifically to the needs of high-end restaurants, creating a yield management product through which restaurants can lower prices on tables that would otherwise go empty.
Members use Savored to book reservations with premier restaurants, paying $10 to receive 30 percent off their entire bill, including alcohol. The discount is applied automatically and discreetly at meal's end, allowing diners to avoid flashing coupons or mentioning discounts. Members also receive periodic tips on hot restaurants, as well as curated restaurant recommendations compiled by special guests such as Top Chef judge Alan Sytsma and James Beard Award nominee Josh Ozersky.
Currently on track to generate more than $25 million of sales for its restaurant partners this year, in the last six months, Savored has increased reservations by 335 percent, boosted subscribers by 228 percent, and grown from six to almost 50 full-time employees.
In December 2010, Savored sold an undisclosed amount of the company for $3,750,000 to Hearst Interactive Media and GrandBanks Capital, among other investors.