Back-office tech supplier Restaurant365 raises $175M

It’s the company’s second nine-figure funding round in two years and will go toward product development and acquisitions.
Restaurant365 offers accounting, inventory and payroll software for restaurant chains. | Photo courtesy of Restaurant 365

Back-office technology supplier Restaurant365 has raised $175 million, marking its second nine-figure funding round in as many years.

The company, which offers accounting, inventory and payroll software for large restaurant chains, said it would use the capital to develop new workforce and payroll products and make acquisitions.  

The investment was a vote of confidence in Restaurant365’s recent trajectory. The Irvine, California-based company has beat its own sales targets for 12 straight quarters, and last month it acquired ExpandShare, an employee training system.

Long-term partner Iconiq Growth led the funding round with participation from existing investors KKR and L Catterton. 

All three were also involved in a $135 million investment last May that pushed Restaurant365’s valuation past $1 billion. 

“We’re grateful our investors continue to value the business and its upward trajectory as demonstrated by this most recent vote of confidence,” said Restaurant365 CEO and co-founder Tony Smith in a statement. “We will continue our relentless pursuit of developing products that add value in new ways to this great industry.”

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