Restaurant365 Secures $135 Million Investment to Enhance Its Software Solutions for the Food Service Industry
Despite the increasing cost of food, the restaurant industry is experiencing unexpected growth. To support this expansion, a startup that provides all-in-one restaurant management software has secured a significant round of funding.
Restaurant365 Secures $135 Million in Funding
Restaurant365, founded in 2011 and based in Irvine, California, has developed a comprehensive platform for managing restaurants. The company’s software covers accounting, analytics, staff and inventory management, but does not include point-of-sale solutions. Restaurant365 currently serves over 40,000 locations across the globe.
The startup announced that it had secured $135 million in new funding, co-led by KKR and L Catterton. Previous investors ICONIQ Growth and Bessemer Venture Partners are also participating in this round, bringing the total raised by Restaurant365 to $288 million. The company will use the funding to continue developing its product across all areas.
Restaurant365’s Valuation Reaches $1 Billion
Although the company is not disclosing its profitability, it has reached annual revenues of $100 million. When asked about the valuation, CEO and co-founder Tony Smith stated that Restaurant365 now has a value of over $1 billion. This represents a significant increase from 2019, when the startup’s valuation was around $305 million.
KKR and L Catterton Join Restaurant365 as Strategic Investors
The investors participating in this round are notable for their experience in the food service industry. KKR and L Catterton have numerous holdings that extend into the food sector, while ICONIQ and Bessemer are major VCs with a strong focus on tech investing.
"R365 has achieved continuous, accelerated growth, which is a testament to our strong team who is eager to change the restaurant industry for the better," said Tony Smith in a statement. "We believe that our partnership with KKR and L Catterton will further accelerate our growth and expansion plans."
Industry Experts Believe Restaurant365 Is the Gold Standard
L Catterton’s investment partner, Friedman, is joining Restaurant365’s board of directors. He expressed his confidence in the company’s ability to streamline operations and boost profitability.
"We believe Restaurant365 is the gold standard in the industry, helping to streamline operations and boost profitability," said Friedman. "We are proud to leverage our consumer and technology investing experience as a partner to Tony and the team."
The Rise of Restaurant365: A Game-Changer for the Industry
Restaurant365’s growth and success can be attributed to its comprehensive platform, which addresses the complex needs of restaurant operators. By providing an all-in-one solution, the company is helping restaurants to reduce costs and improve profitability.
As the industry continues to evolve, it will be interesting to see how Restaurant365 continues to innovate and expand its offerings. With its recent funding round and new strategic investors, the company is well-positioned for continued growth and success.
