Based out of Irvine, California, Restaurant365, a leading supplier of a comprehensive restaurant management software suite, has announced a successful fundraising round, securing $135 million. This investment drive has propelled the company’s valuation past the $1 billion mark.
The fundraising was co-steered by KKR and L Catterton, with additional participation from existing investors such as ICONIQ Growth and Bessemer Venture Partners.
The capital influx is intended for investment in product enhancements, focusing on its Accounting, Store Operations, Workforce, and Intelligence product suites. The goal is to ensure that Restaurant365 continues to adapt and address the changing needs of the dynamic restaurant industry, while also bolstering its market presence.
Under the leadership of CEO Tony Smith, Restaurant365 has established itself as a premier provider of a cloud-enabled accounting, inventory, scheduling, payroll, and HR solution, tailored expressly for the restaurant industry. The company’s enterprise management software streamlines the day-to-day operational tasks for restaurant managers, facilitating effective control over food costs and labor optimization. Restaurant365’s integration capabilities and open APIs enable seamless connections with other systems such as POS providers, vendors, and banks, leading to accurate and timely reporting that offers a comprehensive and clear view of their businesses.
Restaurant365, while headquartered in Irvine, California, also operates from an office in Austin, Texas, maintaining a cross-regional presence to better serve its clientele.