Restaurant365, a software provider for restaurant operators, recently raised a $135 million funding round co-led by KKR and L Catterton. Following this raise, Restaurant365 is now a tech unicorn valued at more than $1 billion.
Restaurant365, which is based in California and has an office in Austin, offers a range of software solutions to help restaurant operators increase sales, optimize labor, keep accounting teams lean and control food costs. Its cloud-based platform includes features such as accounting, inventory, scheduling, payroll and HR.
“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,” Tony Smith, Restaurant365 CEO and co-founder said in a statement. “Anytime we receive funding, we recognize it as a privilege. However, the primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry. Having recently crossed exciting milestones of $100 million in revenue and $1 billion in value, we can’t wait for what’s next.”
This fresh capital will be used to invest in product enhancements to make sure Restaurant365’s suite of software products continues to meet the evolving needs of the restaurant industry, the company said in a statement.
Since Restaurant365’s first product launch in 2012, the SaaS company has helped thousands of restaurant operators, including Sbarro, Freddy’s Frozen Custard, Black Bear Diner and Blaze Pizza. Restaurant365 has raised $262.5 million to date, including an $88 million round in 2019.
