US-based software solutions company Restaurant365 has secured $88m in a Series C funding round led by growth equity firm ICONIQ Capital.

The investment marks the third round of funding for the technology firm since January last year.

The company received nearly $40m in Series A and Series B financing with a minority investment in January 2018 and 2019 respectively.

Tiger Global Management and Bessemer Venture Partners also participated in the funding round.

ICONIQ Capital partner Will Griffith will join Restaurant365’s board of directors as part of the deal.

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Griffith said: “The restaurant industry has long been underserved from a technology perspective. While many have recognised a need for innovation, Restaurant365’s unique vision and unrelenting approach to product development have yielded extraordinary results.

“I’m looking forward to joining the board and collaborating on their next phase of growth.”

Restaurant365 co-founder and CEO Tony Smith said: “We are excited for ICONIQ Capital and Tiger Global to join us as we expand our product to solve more of the challenges facing restaurant operators today.

“They have track records of investing in companies that reshape industries and we’re pleased that they’ve identified Restaurant365 as a leading force driving innovation.”

Restaurant365 offers Cloud-based, restaurant management solutions that connect the platform with other systems, including POS providers, payroll processors, vendors and banks.

Last December, Restaurant365 announced the launch of a fully integrated accounts payable (AP) automation solution to assist restaurants.

The AP solution offers automated invoice capturing, approvals and a payment processing service.