May 19, 2023, IRVINE, Calif. — ICONIQ Growth and Bessemer Venture Partners are among the current investors in Restaurant365. This industry-leading all-in-one restaurant enterprise management software announced it has agreed to a USD 135M funding round co-led by global investment firms KKR and L Catterton.
Restaurant365 is revolutionizing the business by giving owners cutting-edge ways to boost profits, reduce food expenses, and manage labour. The company’s powerful software suite combines essential accounting, operational, and payroll-based procedures into a single, cloud-based technology.
According to Tony Smith, CEO and Co-Founder of Restaurant365, “R365 has experienced continuous, accelerated growth, which is a testament to our strong team who is eager to change the restaurant industry for the better.” “We consider financing to be an honour whenever we receive it. However, partnering with two strategic investors who are so well connected to the restaurant sector is what is driving this round. We eagerly anticipate what is next after we recently achieved the wonderful milestones of USD 100M in revenue and USD 1B in valuation.
The funding comes from L Catterton’s Growth Fund and KKR’s Tech Growth strategy.
Jimmy Miele, Director, Tech Growth at KKR, said, “Restaurant365 has demonstrated compelling growth throughout its history, now powering more than 40,000 restaurant locations.” Additionally, their software has been instrumental in assisting some struggling operators in keeping their doors open through tumultuous times. We are eager to participate in this new chapter and help more businesses in realizing their full potential.
Ian Friedman, a partner at L Catterton who will join Restaurant365’s board, said, “L Catterton has deep experience investing in world-class restaurant brands globally.” We think Restaurant365 is the industry standard, helping to streamline operations and increase profitability. We are proud to leverage our consumer and technology investing experience as a partner to Tony and the team because we have deep insight into the daily pain points of restaurant operators.
To guarantee that Restaurant365’s Accounting, Store Operations, Workforce, and Intelligence product suites continue to satisfy the restaurant industry’s changing needs while increasing its market share, the proceeds from the round will be invested in product advancements.
The premier all-in-one restaurant-specific cloud-based accounting, inventory, scheduling, payroll, and HR solution is called Restaurant365. The restaurant enterprise management software from R365 streamlines operations for owners, enabling them to manage labour costs and keep food expenditures under control. Restaurant365 may link with other systems, such as POS providers, vendors, and banks, thanks to integrations and open APIs. As a result, they can observe their businesses clearly and completely thanks to precise, fast reporting. Its headquarters are in Irvine, California, and it also has a location in Austin, Texas.
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