The funding is being led by ICONIQ Growth, with KKR and L Catterton also participating, all existing backers of the company.
This article first appeared in TechCrunch.
The U.S. restaurant industry is expected to pass $1 trillion in sales for the first time this year, despite wider economic pressures on consumers. Now Restaurant365, a startup building tech to manage those businesses, has raised a hot $175 million to capitalize on that growth.
The funding is being led by ICONIQ Growth, with KKR and L Catterton also participating, all existing backers of the company. Restaurant365 is not disclosing the valuation it received in the round, but Tony Smith, its co-founder and CEO, confirmed to TechCrunch that it is an up-round.
“We’re excited that continues to grow and that we have very supportive investors behind us,” he said. For context, last year, when the startup raised $135 million, it disclosed that it had passed a $1 billion valuation.
Read the full article in TechCrunch.
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Restaurant365 bridges the gap between accounting and operations by centralizing all data, helping restaurant operators to become more efficient, accurately forecast, and tackle any challenge or opportunity with speed and accuracy.
