Restaurant enterprise management software company Restaurant365 (R365) has secured $135m in a funding round co-led by investment firms KKR and L Catterton.
Existing investors such as Bessemer Venture Partners and ICONIQ Growth also participated in the funding round.
Restaurant365 CEO and co-Founder Tony Smith said: “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.
“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 $100m in revenue and $1bn in value, we can’t wait for what’s next.”
The company recently exceeded a $1bn valuation.
R365 provides restaurant operators with solutions to help them enhance sales, control food costs and optimise labour.
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The company’s software suite integrates accounting, operational and payroll-based processes into an all-inclusive cloud-based technology.
KKR tech growth director Jimmy Miele said: “Restaurant365 has demonstrated compelling growth throughout its history, now powering more than 40,000 restaurant locations.
“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.”
The company will use the funding to drive product enhancements to boost its accounting, store operations, workforce and intelligence product suites, as well as increase its market share.
L Catterton partner, Ian Friedman, is set to join Restaurant365’s board.
Friedman said: “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.”
Last month, Restaurant365 launched its new business intelligence (BI) tool, R365 Intelligence, to help restaurant operators track their performance across disparate platforms.