French restaurant technology company Innovorder has raised €20m ($23.2m) in a financing round led by UL Invest, the family office of technology entrepreneur Laurent Useldinger.

According to a tech.eu report, the deal combines new equity with a partial buyout of existing shareholders.

The funds will be used to support European expansion, product development, AI projects and acquisitions across commercial and contract catering markets.

Founded in 2014, Innovorder provides cloud-based software for restaurant and catering operators.

Its all-in-one SaaS platform spans order management, payments, kitchen operations, business management, loyalty programmes and AI-driven reporting.

The company’s offerings include order kiosks, online ordering services, point-of-sale systems, and kitchen display systems.

Its customers include quick-service brands, bakeries, coffee shops, food courts and transport catering, as well as schools, hospitals and corporate dining sites.

In the past 18 months, the company has stepped up its AI efforts, creating a dedicated team and launching its first AI agents for clients.

Central to this push is Atlas, Innovorder’s proprietary platform designed to automate operational and management tasks while connecting with existing software systems.

The company says the technology helps restaurant operators improve efficiency and reduce the time spent on routine administrative work.

Innovorder reported that it has been profitable since 2024, is recording annual organic growth of 40% and is aiming for €15m in revenue in 2026.