Restaurant365 secures $135 million funding round and preps restaurant software suite enhancements
Restaurant enterprise management software firm, Restaurant365, has announced a $135 million funding round co-led by KKR and L Catterton with participation from current investors, including ICONIQ Growth and Bessemer Venture Partners.
Restaurant365’s software suite brings key accounting, operational, and payroll-based processes together into a single, cloud-based technology.
Proceeds from the round will be invested into product enhancements.
“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,” says Tony Smith, CEO and Co-Founder at Restaurant365.
“Anytime we receive funding, we recognise it as a privilege. However, the primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry. Having recently crossed exciting milestones of $100 million in revenue and $1 billion in value, we can’t wait for what’s next.”
“Restaurant365 has demonstrated compelling growth throughout its history, now powering more than 40,000 restaurant locations,” says Jimmy Miele, Director, Tech Growth at KKR.
“Moreover, their software has played a crucial role in helping many struggling operators keep their doors open during uncertain times. We look forward to being a part of this next chapter, helping even more operators achieve their highest potential.”
“L Catterton has deep experience investing in world class restaurant brands globally,” says Ian Friedman, Partner at L Catterton who will join Restaurant365’s board.
“With deep insight into the everyday pain points of restaurant operators, we believe Restaurant365 is the gold standard in the industry, helping to streamline operations and boost profitability, and we are proud to leverage our consumer and technology investing experience as a partner to Tony and the team.”
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