Cloud-based restaurant enterprise management software provider Restaurant365 has secured $175m in its latest funding round.
The investment round was led by ICONIQ Growth, with participation from existing backers, investment firms KKR and L Catterton. Restaurant365 did not disclose its valuation.
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The company achieved “unicorn” status in May 2023 after raising $135m in a funding round co-led by KKR and L Catterton.
The company plans to use the funding from the latest round to expand enterprise features, grow its workforce and enhance the payroll product suite.
Restaurant365’s software is currently used by large hospitality brands, including KFC and Burger King from Yum Brands, and Restaurant Brands International.
Restaurant365 CEO and co-founder Tony Smith said: “We’re grateful our investors continue to value the business and its upward trajectory as demonstrated by this most recent vote of confidence.
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By GlobalData“We take that trust from them seriously, as well as the trust placed in us by our customers and the industry at large. We will continue our relentless pursuit of developing products that add value in new ways to this great industry.”
ICONIQ Growth founding partner Will Griffith said: “Restaurant365’s growth is a testament to their ability to create powerful solutions that bolster operations, improve margins and empower the workforce at restaurant companies of all sizes.
“We’re honoured to participate in this incredible opportunity to help the restaurant industry succeed in a way that once seemed impossible.”
The funding follows Restaurant365’s recent acquisition of ExpandShare, an AI-powered learning management system designed to deliver and track restaurant training content.
The financial details of the acquisition have not been disclosed.
Founded in 2012 by Eric Harsh, ExpandShare provides a mobile platform that streamlines managerial tasks by offering accessible training resources to restaurant staff.
From 2023 to 2024, Restaurant365 enhanced its all-in-one platform with new features such as tip automation, task management, restaurant intelligence dashboards and Capture AI, which applies machine learning to invoice management.
