Restaurant365 raises $175 million in funding from ICONIQ Growth, KKR and L Catterton
By Manya Saini
May 15 (Reuters) -Enterprise software maker Restaurant365 said on Wednesday it had raised $175 million in a funding round led by tech-focused ICONIQ Growth, with participation from existing private equity investors KKR KKR.N and L Catterton.
WHY IT'S IMPORTANT
Private venture capital funding is on a slow road to recovery in 2024 after a downturn that lasted over two years amid higher-for-longer interest rates and investors shunning most tech startups.
As the stock markets rally and the appetite for IPOs returns, startups are also expected to see a resurgence in interest as private investors seek lucrative exits through these stock sales.
Private equity-backed enterprise software companies were among the big winners of the record boom in U.S. IPOs in 2021.
CONTEXT
Restaurant365, which makes back-office management software for restaurants, did not disclose the valuation at which the latest round was raised. It had crossed the key $1 billion 'unicorn' benchmark in a fundraise in May 2023.
The company's prominent customers include industry giant Yum Brands' YUM.N fast-food chains such as KFC, Taco Bell and Pizza Hut, as well as Restaurant Brands' QSR.N Burger King.
Its platform also offers tip automation, task management and restaurant intelligence dashboards.
The funding round follows Restaurant365's acquisition of ExpandShare in April, which uses AI to deliver and track restaurant training content.
KEY QUOTES
"Proceeds from the round will help replenish the balance sheet from our recent acquisition of ExpandShare. We are also earmarking some funds for future acquisitions," CEO Tony Smith told Reuters.
"Whether enterprise brands are reducing spending or investing, they always need a seamless flow of information to quickly identify areas in need of improvement," said Will Griffith, Founding Partner of ICONIQ Growth.
WHAT'S NEXT
On plans to go public, Smith said the company is keeping its options open.
"An IPO may eventually be right for Restaurant365, but right now we are focused on maintaining our 12 straight quarter-over-quarter growth streak," he added.
GRAPHIC
Venture Capital funding for enterprise software firms slows https://reut.rs/3K2l4SX
Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra Eluri
Aloqador aktivlar
Eng oxirgi yangiliklar
Javobgarlikdan voz kechish: XM Group korxonalari har biri faqat ijro xizmatlarini koʻrsatadi va onlayn savdo platformamizdan foydalanish huquqini beradi, bu odamga veb-saytda yoki veb-sayt orqali mavjud boʻlgan kontentni koʻrish va/yoki undan foydalanishga ruxsat beradi hamda uni oʻzgartirishga moʻljallanmagan va uni oʻzgartirmaydi yoki kengaytirmaydi. Bunday kirish va foydalanish huquqi doimo quyidagilarga boʻysunadi: (i) Shartlar va qoidalar; (ii) Risklar haqida ogohlantirish; va (iii) Javobgarlikni toʻliq rad etish. Shuning uchun bunday kontent umumiy maʼlumot sifatida taqdim etiladi. Xususan, shuni esda tutingki, bizning onlayn savdo platformamiz mazmuni moliyaviy bozorlarda biror bitimni amalga oshirishga oid maslahat yoki taklif emas. Har qanday moliyaviy bozorda savdo qilish sizning kapitalingiz uchun jiddiy risk darajasini oʻz ichiga oladi.
Onlayn savdo platformamizda chop etilgan barcha materiallar faqat taʼlim/axborot maqsadlari uchun moʻljallangan va unda moliyaviy, investitsiya soligʻi yoki savdo maslahatlari va tavsiyalar; yoki bizning savdo narxlarimizning qaydlari; yoki har qanday moliyaviy vositalar bilan bitim tuzish maslahati yoki taklifi; yoki sizga kerak boʻlmagan moliyaviy reklama aksiyalari hisoblanmaydi
Har qanday uchinchi tomon kontenti, shuningdek XM tomonidan tayyorlangan kontent, masalan: fikrlar, yangiliklar, tadqiqotlar, tahlillar, narxlar va boshqa maʼlumotlar yoki bu veb-saytda joylashgan uchinchi tomon saytlariga havolalar umumiy bozor sharhi sifatida "boricha" taqdim etiladi va investitsiya maslahatini tashkil etmaydi. Har qanday kontent investitsiya tadqiqoti sifatida talqin qilinsa, siz bunday kontentni investitsiya tadqiqotlarining mustaqilligini ragʻbatlantirish uchun moʻljallangan qonun talablariga muvofiq moʻljallanmagan va tayyorlanmaganligini eʼtiborga olishingiz va qabul qilishingiz kerak, shuning uchun unga tegishli qonunlar va qoidalarga muvofiq marketing kommunikatsiyasi sifatida qaraladi. Mustaqil boʻlmagan investitsiya tadqiqoti va yuqoridagi maʼlumotlarga oid risk haqida ogohlantirishimizni oʻqib chiqqaningizga va tushunganingizga ishonch hosil qiling, unga bu yerdan kirish mumkin.
