US-based restaurant enterprise management software, Restaurant365, has raised $135 million in a funding round, bringing its valuation to over $1 billion, making it a unicorn. The funding will be used to enhance its product offering and expand its market share.
- Restaurant365 has secured $135 million in a funding round co-led by KKR and L Catterton, raising its valuation to over $1 billion.
- The funding round has made Restaurant365 a unicorn, a term used for startups valued at $1 billion or more.
- Existing investors ICONIQ Growth and Bessemer Venture Partners also participated in the funding round.
- Founded in 2011 and based in Irvine, California, Restaurant365 offers a comprehensive back office solution for restaurants, including cloud-based accounting, inventory management, scheduling, payroll, and HR.
- The software allows restaurants to integrate with other systems like point-of-sale (POS) providers, vendors, and banks.
- Restaurant365’s software aims to provide restaurants with a holistic view of their businesses, enabling them to increase sales, control food costs, and optimize labor.
- The newly raised funds will be utilized to improve Restaurant365’s product offering and expand its market share. The company currently serves over 40,000 restaurant locations and has surpassed $100 million in revenue.