Frontier Capital, a Charlotte-based growth equity firm focused exclusively on software and tech-enabled business services companies, announced it has completed a $40 million equity investment in Dinova, Inc. Proceeds of the investment will be used to finance ongoing growth strategies as well as provide liquidity to early-stage investors.
Founded by CEO Vic Macchio in 2009 and based in the Atlanta suburb of Johns Creek, Georgia, Dinova is the only company providing an innovative, proprietary marketplace exclusively focused on connecting expense account diners to quality restaurants nationwide. With a marketplace of more than 14,000 restaurants and corporate partners that include hundreds of Fortune 500 companies and more than one million small- and medium-sized businesses, Dinova influences more than $6 billion annually in travel and entertainment expenses.
“Frontier Capital is very excited to partner with Vic and the Dinova team on the next phase of the company’s growth,” says partner Michael Ramich, who will join Dinova’s board. “Businesses have long controlled other travel expenses through airline and hotel loyalty programs, and Dinova has cracked the code with business dining to deliver savings to employers and bring more high-margin traffic to its restaurant partners.”
“The number of restaurants and corporate partners embracing Dinova’s business model has grown rapidly since we launched the company, and we believe our greatest years of growth are still in front of us,” says Macchio, who will continue as CEO. “We are thrilled to welcome Frontier to our team and we are confident that the resources they bring to Dinova will help us accelerate growth and create value for our corporate clients, restaurant partners and investors.”