Restaurant365, an Irvine, CA-based provider of a restaurant enterprise management platform, raised $175M in funding.
The round was led by ICONIQ Growth with participation from current investors, including KKR and L Catterton.
The company intends to use the funds to expand enterprise features and grow the workforce and payroll product suite to support hospitality brands, and strengthen its balance sheet to facilitate future acquisitions and support continued organic growth.
Led by CEO Tony Smith, Restaurant365 is a cloud-based accounting, inventory, scheduling, payroll, and HR solution developed specifically for restaurants. Its restaurant enterprise management software simplifies day-to-day management for operators, allowing them to control food costs and optimize labor.
In addition to adding employee training to its offerings, Restaurant365 expanded its all-in-one platform over the past year with tip automation, task management, restaurant intelligence dashboards, and Capture AI, which brings machine learning to invoice management. Integrations and open APIs enable the company to connect with other systems, including POS providers, vendors, and banks.
The company, which also has an office in Austin, Texas, recently acquired ExpandShare, an AI-powered learning management system built to deliver and track restaurant training content.
