Restaurant365 gobbles up $135M to supersize its software for the food service industry
Summary
The investors here are interesting and strategic: KKR and L Catterton, as PE firms, both have a number of holdings that extend into the food service industry; Iconic and Bessemer are more directly major VCs in the world of tech investing. “R365 has achieved continuous, accelerated growth, which is a testament to our strong team who is eager to change the restaurant industry for the better,” states Tony Smith, CEO and co-founder of Restaurant365, in a statement. Having recently crossed exciting milestones of $100 million in revenue and $1 billion in value, we can’t wait for what’s next.” The company’s funding injection is coming at a time when many believe that the global economy, and those of individual countries, are teetering on the brink of recession, as the world continues to recover from the COVID-19 pandemic and the shifts that it brought into how consumers make and spend money. Not all is totally rosy, though: The rising cost of food that’s driving those increased revenues, and the fact that there are more restaurants popping up (more jobs), means a lot more competition, too. While a lot of the businesses serving the restaurant industry found themselves on their knees during the big pandemic shutdown, Restaurant365 emerged as one of the tech companies that was providing tools to help its customers weather the storm.
