Restaurant365, an Irvine, CA-based all-in-one restaurant enterprise management software provider, raised $135 million in a funding round to further revolutionize the restaurant industry by enhancing its software suite and expanding its market presence.
The investment was co-led by global investment firms KKR and L Catterton, with participation from existing investors ICONIQ Growth and Bessemer Venture Partners.
The proceeds from the funding round will be primarily invested in product enhancements. Restaurant365 aims to ensure that its accounting, store operations, workforce, and intelligence product suites consistently meet the evolving needs of the restaurant industry.
Restaurant365's comprehensive software suite is designed to empower restaurant operators with innovative solutions that boost sales, optimize labor, and control food costs. By consolidating crucial accounting, operational, and payroll processes into a single cloud-based technology, the company enables efficient and streamlined management for restaurant businesses.
In addition to product development, Restaurant365 plans to utilize the funding to expand its market share. By increasing its presence within the restaurant industry, the company aims to reach a broader customer base and solidify its position as an industry leader.
"R365 has achieved continuous, accelerated growth, which is a testament to our strong team who is eager to change the restaurant industry for the better," states Tony Smith, CEO and Co-Founder of Restaurant365. "Anytime we receive funding, we recognize it as a privilege. However, the primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry. Having recently crossed exciting milestones of $100M in revenue and $1B in value, we can't wait for what's next."
Company: DYN365 Inc.
Funding Month: May 2023
Lead Investors: KKR and L Catterton
Additional Investors: ICONIQ Growth and Bessemer Venture Partners
Company Website: https://www.restaurant365.com/
Software Category: Restaurant Management Software
About the Company: R365 is a rapidly growing SaaS company that provides an all-in-one, cloud-based accounting, inventory, scheduling, payroll, and HR solution developed specifically for restaurants. R365's restaurant enterprise management software simplifies day-to-day management for operators, allowing them to control food costs and optimize labor. Integrations and open APIs enable Restaurant365 to connect with other systems, including POS providers, vendors, and banks. Restaurant365 is based in Irvine, California, with an office in Austin, Texas.