Restaurant365, a cloud-based restaurant accounting management service, has received new funding to continue its rapid growth.
The startup closed an $88 million minority investment led by ICONIQ Captial, with additional funding by Tiger Global Management and Bessemer Venture Partners. This is Resturaunt365’s third funding round since January last year. As part of the funding agreement, Will Griffith, partner at ICONIQ, will join the company’s board of directors.
Restaurant365’s all-in-one management software helps more than 10,000 restaurants maximize their profit every day with accurate, real-time insight on how their restaurant is functioning.
“We are excited for ICONIQ Capital and Tiger Global to join us as we expand our product to solve more of the challenges facing restaurant operators today,” said Tony Smith, co-founder and CEO of Restaurant365, in a blog post. “They have track records of investing in companies that reshape industries, and we’re pleased that they’ve identified Restaurant365 as a leading force driving innovation.”
“The restaurant industry has long been underserved from a technology perspective. While many have recognized a need for innovation, Restaurant365’s unique vision and unrelenting approach to product development has yielded extraordinary results,” said Griffith in the same post. “I’m looking forward to joining the board and collaborating on their next phase of growth.”