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The Success of Restaurant365 and Its Recent Funding
The price of food continues to go up and up, but surprisingly that hasn’t (yet?) played out as pressure on the wider restaurant industry. Now, a startup that’s building technology to serve that sector announced a supersized round of funding to nourish its growth.
Introduction
Restaurant365 has recently announced $135 million in new funding co-led by KKR and L Catterton. Previous backers are also participating in this round, which brings the total raised by the startup to $288 million.
About Restaurant365
Restaurant365 is a California-based company that develops all-in-one restaurant management software. Included in their software are accounting, analytics, staff and inventory management, but not point of sale solutions. Their software is currently used in some 40,000 locations and has customers including small businesses, franchises and chains, and accounting firms that work with restaurants.
Future Plans
With the new funding, Restaurant365 plans to continue developing its product across all of those areas. The company is reported to be making $100 million in annual revenues, but it is uncertain whether it is profitable.
Investors
KKR and L Catterton, as PE firms, have a number of holdings that extend into the food service industry. Iconic and Bessemer, meanwhile, are more directly major VCs in the world of tech investing. The company’s CEO and co-founder Tony Smith noted, “the primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry.”
A Growing Industry
The global economy and individual countries are still recovering from the Covid-19 pandemic. A lot of businesses have struggled due to the pandemic, but the food service industry is forecasted to grow this year. According to the U.S. National Restaurant Association, while some of the headwinds of 2022 are continuing into this year, the food service industry is forecast to grow to $997 billion in sales this year, with 500,000 new jobs. This is good news for companies like Restaurant365 and its competitors.
Conclusion
Restaurant365 is constantly growing and achieving continuous, accelerated growth. With this new funding and its efforts to develop its products across various areas, it can further streamline restaurant operations and boost profitability, helping struggling operators to keep their doors open.
FAQs
- What is Restaurant365?
- What areas does their software cover?
- How much funding did Restaurant365 get?
- What is the company’s revenue?
- What are their plans for the future with the new funding?
Restaurant365 is a California-based company that develops all-in-one restaurant management software.
Their software covers accounting, analytics, staff and inventory management, but not point of sale solutions.
Restaurant365 announced $135 million in new funding co-led by KKR and L Catterton.
The company is currently making some $100 million in annual revenues.
Their plans are to continue developing their product across all areas and streamline restaurant operations.
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