Technology firm Presto secures $30m in growth funding

1st March 2019 (Last Updated March 1st, 2019 15:00)

Silicon Valley-based enterprise front-office software platform for hospitality industry Presto has secured $30m in financing to support its growth.

Silicon Valley-based enterprise front-office software platform for hospitality industry Presto has secured $30m in financing to support its growth.

Recruit Holdings and Romulus Capital have led the funding. EG Capital, I2BF Global Ventures and Brainchild Holdings also participated in the investment round.

Presto plans to invest the funds for further development of its technology suite. The company’s platform is deployed by some major foodservice and hospitality chains in the US to help enhance labour productivity and improve customer experience.

According to the company, PrestoPrime Tabletop is designed to eliminate the need for the guests to wait and instead simply order and pay right from the comfort of their seats. They can also have access to games and various entertainment materials.

With Presto Wearable, immediate alerts regarding guest concerns or operational issues are available on the server directly in real-time while providing a better experience to the clients.

“These funds will be leveraged to support our rapid growth, and expand our products and services to our partners in the restaurant industry.”

Presto AI makes use of machine learning to help optimise staffing requirements on any given shift.

Presto founder and CEO Rajat Suri said: “Restaurants serve billions of consumers and are a critical part of our economy, and yet have typically been underserved by world-class technology.

“Less than 1% of restaurants globally currently use technology to optimise their front-office. These funds will be leveraged to support our rapid growth and expand our products and services to our partners in the restaurant industry.”

The company has partnered with various restaurants such as Applebee’s, Denny’s, CraftWorks, Red Lobster and Outback Steakhouse.