Latest raise to support continued sales growth, product innovation, and acquisitions.
IRVINE, Calif., May 15, 2024 — 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.
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SOURCE Restaurant365
