Latest raise to support continued sales growth,
product innovation, and acquisitions.
IRVINE,
Calif., May 15, 2024 /PRNewswire/ --
Restaurant365, the leading all-in-one restaurant enterprise
management platform, today announced a $175
million funding round led by long-term partner ICONIQ Growth
with participation from current investors, including KKR and L
Catterton. The funding comes on the heels of 12 consecutive
quarters exceeding sales targets, which drives confidence in future
growth potential.
"Restaurant365's growth is a testament to their ability to
create powerful solutions that bolster operations, improve margins
and empower the workforce at restaurant companies of all sizes,"
said Will Griffith, Founding Partner
of ICONIQ Growth. "We're honored to participate in this incredible
opportunity to help the restaurant industry succeed in a way that
once seemed impossible."
Proceeds from the round will be invested in expanding enterprise
features and growing the workforce and payroll product suite to
continue supporting the world's largest, most notable hospitality
brands. Funds will also strengthen the company's balance sheet to
facilitate future acquisitions and support continued organic
growth.
"We're grateful our investors continue to value the business and
its upward trajectory as demonstrated by this most recent vote of
confidence," said Restaurant365 CEO and Co-founder Tony Smith. "We take that trust from them
seriously as well as the trust placed in us by our customers and
the industry at large. We will continue our relentless pursuit of
developing products that add value in new ways to this great
industry."
This latest round follows Restaurant365's recent acquisition of
ExpandShare, an AI-powered learning management system built to
deliver and track impactful restaurant training content.
In addition to adding employee training to its offerings,
Restaurant365 expanded its all-in-one platform over the past year
with tip automation, task management, restaurant intelligence
dashboards, and Capture AI, which brings the power of machine
learning to invoice management.
About Restaurant365®
Restaurant365 is the industry's leading all-in-one,
cloud-based accounting, inventory, scheduling, payroll, and HR
solution developed specifically for restaurants. R365's restaurant
enterprise management software simplifies day-to-day management for
operators, allowing them to control food costs and optimize labor.
Integrations and open APIs enable Restaurant365 to connect with
other systems, including POS providers, vendors, and banks. The
result is accurate, timely reporting that provides a clear and
complete view of their businesses. Restaurant365 is based in
Irvine, California with an office
in Austin, Texas. The company is
backed by Bessemer Venture Partners, ICONIQ, KKR, L Catterton, and
Serent Capital. Additional information is available at
restaurant365.com.
About ICONIQ Growth
ICONIQ Growth partners with visionaries defining the future of
their industries to transform the world. Our investment platform
and unique ecosystem helps amplify our portfolio companies' success
from early growth stage to IPO and beyond. Our portfolio includes
Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze,
Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro,
Procore, Red Ventures, Relativity, ServiceTitan, Snowflake,
Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more
information, please visit ICONIQGrowth.com.
Media contact:
restaurant365@nextpr.com
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SOURCE Restaurant365