Restaurant365 Raises $20 Million from Bessemer Venture Partners
Restaurant SaaS Company Positioned for Aggressive Growth and Enterprising Innovation
Restaurant365, a cloud-based, restaurant-specific accounting, back office, and reporting solution, today announced that it has successfully closed $20 million in Series A financing with a minority investment from Bessemer Venture Partners. In addition to the funding, Restaurant365 is excited to welcome Brian Feinstein, Partner at Bessemer Ventures Partners, to its board of directors.
“The Restaurant365 team has built the industry leading set of tools for restaurants to modernize their accounting and back office operations. We’re thrilled to join them as a partner and arm them with the resources to continue investing in growth and product development,” said Brian Feinstein, Partner at Bessemer Venture Partners.
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.
“Our passion is helping restaurants grow and this investment from Bessemer extends our reach,” said Tony Smith, Co-Founder & CEO at Restaurant365. “Their desire to join us is a big vote of confidence in the product we’ve created and the fantastic team we have here, especially with no prior outside funding. The future is bright for Restaurant365, and its customers.”
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.
“We will be putting these funds, and Bessemer’s insights, to work immediately,” said John Moody, Co-Founder at Restaurant365. “The accelerated development schedule and expanded team will advance our vision of providing the best technology and customer service in the industry.”
Morgan Harris, Co-Founder at Restaurant365, sums it up, “The time has come in the lifecycle of our business to extend our reach to more restaurants nationwide and do even more with the valuable input we receive from our existing customer base.”