REDWOOD CITY — Presto, which develops pay-at-table kiosks and technology for restaurants, has raised $30 million in growth funding led by Recruit Holdings and Romulus Capital with participation from I2BF Global Ventures, EG Capital and Brainchild Holdings.
Presto (formerly E La Carte) provides a technology suite to top foodservice and hospitality chains that expands operating profits by speeding consumer experiences and improving labor productivity. With national unemployment rates at record lows, restaurants struggle to retain and afford workers who have many options like Lyft or Instacart, and also are challenged to eliminate key friction points in their consumer experiences.
The funding will be invested directly into growth of the Presto platform, which currently includes:
- Presto Wearable for instant notification of real-time guest concerns or operational issues. It saves time for the staff and speeds up the experience for consumers.
- Presto A.I. leverages machine learning to accurately forecast labor staffing requirements so restaurants are not over or under-staffed on any given shift. PrestoPrime Tabletop allows guests to order and pay from their seats without waiting as well as access games and other entertainment content.
“Restaurants serve billions of consumers and are a critical part of our economy, and yet have typically been underserved by world-class technology,” said Rajat Suri, Founder and CEO of Presto. “Less than 1% of restaurants globally currently use technology to optimize their front-office. These funds will be leveraged to support our rapid growth, and expand our products and services to our partners in the restaurant industry.”
Founded in 2008 out of MIT and now based in Silicon Valley, Presto works with 10 out of the top 20 restaurant chains in the U.S.