US-based restaurant management platform MarginEdge has secured an $18m investment in a Series B funding round led by Schooner Capital.
The round was also joined by MarginEdge’s major and strategic investors to date, including Osage Venture Partners, Gordon Food Service’s innovation arm, Relish Works, and Nigel Morris.
With this capital infusion, MarginEdge has raised more than $35m in funding to date. It plans to use the new proceeds towards its growth and further improve its platform.
Based in Fairfax, Virginia, MarginEdge helps restaurant operators to digitise back-office paperwork and streamline the flow of operational data.
Currently, MarginEdge offers its services to more than 2,400 independent restaurants in 47 states.
The company recovered to pre-pandemic growth in September 2020 and aims to end this year with more than 200% year-over-year growth.
MarginEdge co-founder and CEO Bo Davis said: “We feel deeply privileged to partner with operators across the country to help them run their business more efficiently and profitably.
“This funding will allow us to reach more restaurateurs, enhance our platform and exponentially grow our impact within the industry that so many of our team call home.”
Schooner Capital principal Orhan Gazelle said: “What struck our team about MarginEdge was not just their rapid growth and market position, but the deeply held culture of service to the industry.
“Everything they do comes from an authentic, service-driven mindset which has created a product that is an honest and empathetic response to the needs of their customers.”
In February, MarginEdge introduced a new labour expense tool that allows restaurant operators to track daily labour costs. The tool adds labour-specific data to restaurants’ profit and loss statements.