Restaurant365 Raises $20 Million
Restaurant365, a cloud-based solution for restaurant accounting, back office, and reporting, closed $20 million in Series A financing with a minority investment from Bessemer Venture Partners. In addition to the funding, Restaurant365 added Brian Feinstein, partner at Bessemer Ventures Partners, to its board of directors.
Restaurant365 was founded in 2011 by Morgan Harris, John Moody and Tony Smith, to fit the needs of an underserved, fragmented market, with the ultimate goal of helping restaurants grow. Understanding the priorities and challenges specific to restaurant accounting and operations has enabled innovation centered around these specific demands. Restaurant365's fully integrated restaurant accounting, operations and reporting capabilities delivers an improved flow of information and increased accuracy for restaurants.
The company has customers in all restaurant segments including: fine dining, casual dining, family dining, fast casual, quick service and snack. The customer base is also structurally diverse including independents, franchisors, franchisees, CPA firms and bookkeeping services.
Since launching, Restaurant365 has helped concepts such as Sbarro, MOD Pizza, Capriotti’s Sandwich Shop, Texas de Brazil, Luke’s Lobster, Freddy’s Frozen Custard & Steakburgers, Ono Hawaiian BBQ, Blaze Pizza, California Fish Grill, Walk-On’s Bistreaux & Bar, Lascari’s Italian and many more. The company has customers in all restaurant segments including: Fine Dining, Casual Dining, Family Dining, Fast Casual, Quick Service and Snack. The customer base is also structurally diverse including independents, franchisors, franchisees, CPA firms and bookkeeping services.
According to a statement, the company will be putting these funds, and Bessemer’s insights, to work immediately. Restaurant365 plans to utilize the accelerated development schedule and expanded team to advance the company's vision of providing the best technology and customer service in the industry.