Restaurant365 lands $135m funding at unicorn valuation
US-based restaurant enterprise management software, Restaurant365, has raised $135 million in a new funding round co-led by KKR and L Catterton.
The round, which takes the firm’s valuation over $1 billion making it a unicorn, also saw participation from existing investors ICONIQ Growth and Bessemer Venture Partners.
Founded in 2011 and headquartered in Irvine, California, Restaurant365 operates an all-inclusive back office solution for restaurants with features including cloud-based accounting, inventory, scheduling, payroll, and HR. It also allows restaurants to connect with other systems such as point of sale (POS) providers, vendors and banks.
The firm says it helps restaurants have a “clear and complete” view of their businesses, claiming its software helps them increase sales, control food costs and optimise labour.
The funds will be used to improve its product offering and expanding its market share. It currently serves more than 40,000 restaurant locations and has reportedly crossed $100 million in revenue.
Restaurant365 last raised $88 million in 2019 in a Series C funding round led by ICONIQ.