Owner.com, a provider of online ordering, website building and other digital tools for independent restaurants, has raised $33 million in a Series B funding round.
The company said it planned to use the funding to hire more engineers and product designers as well as produce more free instructional content for restaurants.
Founded in 2020, Owner aims to help mom-and-pops build their online business, from setting up a website to processing online orders and running digital marketing campaigns. Its “all-in-one” product suite includes online ordering, website building, search engine optimization, customer relationship management, email and text message marketing, loyalty programs and mobile app design.
Owner has grown quickly in recent years as more restaurant transactions have turned digital. It tripled its business in 2022 and 2023, according to a memo on its website, and is on track to multiply revenue by 5 over the next two years. More than 2,000 restaurants use its technology.
Those restaurants pay a flat monthly fee to use Owner. The company does not charge operators per-order commissions.
While many of Owner’s competitors are focused on large chains, the company said it’s committed to working with local restaurants, which it said are still behind the curve in terms of digitization.
“To succeed as a restaurant it used to be good enough to have great food and great service,” said Owner co-founder and CEO Adam Guild in a video announcing the fundraise. “But now, restaurants also need to have a great online experience.”
As for what might come next for Owner, the memo said it would look to grow outside the U.S. for the first time. It also outlined plans to do more with artificial intelligence, which it believes can help level the playing field for independent restaurants by automating their marketing.
The funding round was led by existing investors RedPoint and Alt Capital. It follows a $15 million fundraise in March 2022.
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