Introduction
Squarespace, the all-in-one best website and e-commerce platform announced that it has acquired Tock, a leading unified system serving the hospitality industry with online reservations, table management, takeout, and events in a single place, for more than $400 million in a combination of stock and cash. With this acquisition, Squarespace continues to evolve its product suite, empowering millions around the world to brand and engage with their customers with a compelling and beautiful online presence. Squarespace customers will be able to integrate a best-in-class booking management solution, accelerate sales, provide marketing integrations, and connect directly with their customers.
“Squarespace and Tock share a mission to elevate and enable the success and excitement of our customers,” said Nick Kokonas, founder and CEO of Tock. Combining Tock’s combined platform and years of experience in the hospitality industry with Squarespace’s reach, capital, and strategy products, we trust it makes a chance to offer a best-in-class solution to millions of businesspersons and small businesses around the world.
About Squarespace
Squarespace is the best website and e-commerce platform that empowers millions of people to build their brands and do business with their customers in a compelling and beautiful online presence. Our suite of products enables anyone at any stage of the journey to managing their projects and business through Unfold’s websites, domains, e-commerce, marketing tools, planning, and social media presence management tools. Squarespace democratizes access to best-in-class design, helping our customers in over 180 countries maintain consistent branding across all digital touchpoints to stand out online. Our team of more than 1,200 is headquartered in downtown New York with offices in Dublin, Ireland, Portland, Oregon, and Los Angeles, California.
Created in 2014 by Alinea Group co-owner and co-founder Nick Kokonas, pre-pandemic Tock found a niche with high-end restaurants selling $2 million in prepaid meal tickets at sought-after spots like the French Laundry. But when that class all but dried up after food and stay-at-home orders were introduced a year ago, the company turned to its takeaway platform offering.
With a pricing structure lower than the standard 30% commissions often charged by third-party platforms, Tock offered an alternative and many restaurants signed up, including dive bars and local eateries. Last year, the company added 1,000 new restaurants in April alone and delivered 1 million ready-to-eat meals by May 2020, according to a press release. About two months after adding Tock to Go, the company raised $10 million in funding, led by Starbucks-backed Valor Siren Ventures. Since its inception, Tock has processed more than $1 billion in prepaid experiences and millions of standard reservations in 200 cities worldwide.
Under Squarespace’s ownership, Tock will have even stronger economic backing. In mid-March, Squarespace raised $300 million in a funding round that gave the company a $10 billion valuation just two months after it went public. It could also expand Tock’s reach with Squarespace, which has customers in more than 180 countries.
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