Restaurant365 announced today that it has closed an $88 million minority investment led by ICONIQ Capital, a Silicon Valley growth equity firm. This marks Restaurant365’s third round of funding after closing nearly $40 million in Series A and Series B financing with a minority investment in January 2018 and January 2019.
Restaurant365 bills itself as the world’s only all-in-one, cloud-based, restaurant-specific accounting, back office and reporting solution. In January, the company closed $20 million in Series A financing with a minority investment from Bessemer Venture Partners, which also participated in the current round. Bessemer is also a minority investor in Toast, a restaurant POS solution provider which earlier this year raised $250 million in Series E funding at a whopping $2.7 billion valuation.
Most restaurant companies have either a manual process for entering, approving and paying invoices, or resort to using multiple third-party systems to try to automate and record these elements of accounts payable management. Restaurant365 is the first and only company to provide complete AP Automation, built specifically for restaurants, in a single platform.
“We are expanding the company in all areas to keep up with, and really stay ahead of, our growth,” John Moody, co-founder of Restaurant365, told Restaurant Technology News in a recent Spotlight Interview. “Regarding software development, we want to keep bringing new and innovative ideas to the restaurant space within a faster time frame. Too long has this market been underserved with good point solutions, but disparate systems. Where appropriate we want to keep enhancing and expanding our platform to fulfill the needs of our customer. By accelerating our development, we can bring things like our integrated end-to-end AP Automation to the industry in a very short period of time.”
Will Griffith, a partner at ICONIQ, will be joining Restaurant365’s board of directors. This is the third round of funding since January 2018 that has helped fuel Restaurant365’s rapid growth.
ICONIQ Capital leads this round of funding and is joined by Tiger Global Management and Bessemer Venture Partners (BVP led Restaurant365’s Series A and Series B funding). Posting its third consecutive year of doubled growth, Restaurant365 currently helps more than 10,000 restaurants maximize their profit with accurate, real-time reporting designed to provide a clear view of restaurant performance and opportunities for improvement.
Last month, at the National Restaurant Association Show in Chicago, Restaurant365 highlighted its fully integrated AP Automation solution. In the pipeline are enhancements to its Scheduling Module, including a new, streamlined employee app, Custom Financial Reporting, more Audit Trails, Smart Ordering & Prep, and a set of additional features specifically for the QSR industry. According to Moody, a Custom Financial Reporting solution will also soon be released.