Series C funding from Silicon Valley growth equity firm allows Restaurant365 to expand its software capabilities, increase teams.
IRVINE, Calif., June 27, 2019 /PRNewswire/ -- Restaurant365®, the only cloud-based restaurant accounting software boasting an all-in-one restaurant management solution, has successfully closed an $88 million minority investment led by ICONIQ Capital, a leading Silicon Valley growth equity firm. Will Griffith, Partner at ICONIQ, will be joining Restaurant365's board of directors. This is the third round of funding since January 2018 that has helped fuel Restaurant365's rapid growth.
ICONIQ Capital leads this round of funding and is joined by Tiger Global Management and Bessemer Venture Partners(BVP led Restaurant365's Series A and Series B funding). Posting its third consecutive year of doubled growth, Restaurant365 helps more than 10,000 restaurants maximize their profit every day with accurate, real-time reporting providing a clear view of restaurant performance.
"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. "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 Will Griffith, Partner, ICONIQ Capital. "I'm looking forward to joining the board and collaborating on their next phase of growth."
This is Restaurant365's third round of funding after closing nearly $40 million in Series A and Series B financing with a minority investment in January 2018 and January 2019. For more information about Restaurant365, visit www.Restaurant365.com.
Restaurant accounting is the cornerstone of Restaurant365® Software cloud-based, all-in-one restaurant management solution. Restaurant365 was founded by an experienced team of software veterans committed to developing an accounting, operations and reporting tool--specifically for restaurants--that scales and positions restaurant concepts for growth. The Restaurant365 connectors and open APIs truly enable the platform to "talk" with other systems including POS providers, payroll processors, vendors and banks. Backed by Bessemer Venture Partners, ICONIQ and Tiger Global Management. Restaurant365 is based in Irvine, California with an office in Austin, Texas. For more information, please visit Restaurant365.com.
About ICONIQ Capital (Series C)
ICONIQ Capital is a privately-held financial advisory and investment firm, and a partner of choice for exceptional entrepreneurs, leaders and institutions around the world. The firm invests in technology growth equity, middle market buyout and real estate asset classes and employs a distinctive ecosystem to build enduring businesses. ICONIQ is a trusted advisor fostering meaningful strategic relationships across industries to source powerful ideas, magnify global impact and support a new generation of entrepreneurs and companies.
About Tiger Global Management, LLC (Series C)
Tiger Global Management, LLC, is an investment firm that deploys capital globally. The firm's fundamentally oriented investments focus primarily on the global internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Harry's, Warby Parker, Peloton, JD.com, Ctrip, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar, Ola and Flipkart. The public equity efforts emphasize deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC, was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Beijing, Singapore, Bangalore and Melbourne.
About Bessemer Venture Partners (Series A, Series B, Series C)
Bessemer Venture Partners is the world's most experienced early-stage venture capital firm, with a portfolio of more than 200 companies, including Pinterest, Betterment, Smule, Rocket Lab, Procore, PagerDuty, Intercom, Fiverr, ServiceTitan, Toast, and Bright Health. Bessemer partners early with visionary entrepreneurs and supports them throughout every stage of their growth, primarily focusing on consumer, enterprise, healthcare, and frontier technology companies. The firm has backed more than 120 IPOs, including Shopify, Yelp, LinkedIn, Skype, LifeLock, Twilio, SendGrid, DocuSign, Wix, and MindBody. Bessemer's 14 partners operate from offices in Silicon Valley, San Francisco, New York City, Boston, Israel, and India.