IRVINE, CA — Restaurant365, developer of cloud-based restaurant accounting software, has closed an $88 million minority investment led by ICONIQ Capital. 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.
Other investors in the round include 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.