Restaurant365, a Los Angeles-area restaurant tech company with an Austin office, said May 15 it raised $175 million in new funding.
The investment round was led by San Francisco-based Iconiq Growth, which is one of the company's longtime investors. Other funders included KKR and L Catterton.
The fresh investment will fuel a batch of new hires, including new business development positions in its Austin office on U.S. 183 just north of the Braker Lane intersection.
Restaurant365 was founded in 2011 by CEO Tony Smith, Chief Strategist Morgan Harris and Chief Community Officer John Moody. It opened its Austin office in 2017.
The local team has grown significantly since then. In 2020, it had about 150 of its 400 employees in Austin, although it also had an unspecified number of layoffs that year. A company spokesperson said the company had 177 Texas employees as of the end of March this year.
Some of the company's growth has been the result of its 2021 acquisition of Compeat, an Austin-based company that also developed restaurant management software.
It currently has three jobs open for its Austin office, in addition to dozens of remote positions.
Headquartered in Irving, Calif., Restaurant365 has developed a suite of software tools for restaurants that assist and automate back-office operations, including accounting, inventory, scheduling and payroll.
The company has raised $437.5 million, including a $135 million private equity round last year and an $88 million series C venture round in 2019, according to Crunchbase. The company said that it has surpassed its sales targets in 12 consecutive quarters. It's also made some recent acquisitions, including its purchase in April of Ohio-based AI-powered restaurant training company ExpandShare.
"Restaurant365's growth is a testament to their ability to create powerful solutions that bolster operations, improve margins and empower the workforce at restaurant companies of all sizes," Iconiq Growth Founding Partner Will Griffith stated.
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