Massive funding rounds continue to dominate 2018 as a leading POS system has locked down a massive amount of capital.
TouchBistro has raised a $72 million Series D financing round, led by OMERS Ventures and JPMorgan Chase. The round also featured participation from participation from existing investors, including Napier Park Financial Partners, Recruit Holdings, BDC IT Venture Fund, and Relay Ventures. This funding values TouchBistro at approximately $200 million.
The Toronto-based TouchBistro is an iPad-based POS system that can integrate into almost any restaurant. The platform handles orders, payments, menu management, accounting, reporting, inventory, and even staff management. So far, over 12,000 restaurants use TouchBistro in over 100 countries. In total, the company’s POS platform processes more than $6 billion in sales each year, which represents a 58 per cent growth from just last year.
“With this injection of capital, TouchBistro is incredibly well positioned to execute on our growth strategy,” said Alex Barrotti, founder and CEO of TouchBistro. “This fundraising will allow us to develop a whole new level of financial products and services integrations that greatly benefit both our restaurants and Chase customers alike.”
As Barrotti mentioned, TouchBistro recently partnered with Chase to power payments through WePay. This brings merchants instant payment processing and an integrated mobile payment device that customers can use to pay in whichever way they see fit. That partnership will go live this summer.
The new funding form this raise will help develop the next iteration of TouchBistro’s operating system as well as new kinds of payment solutions. The company will also look to expand into Europe and South America next year and double their amount of current employees.
“We invest in and partner with the best and brightest entrepreneurs in tech to build a prosperous future and a vibrant and successful knowledge economy,” said Damien Steel, managing partner of OMERS Ventures. “Alex Barrotti epitomizes this focus and has an outstanding successful track record of developing and bringing disruptive technology to market. We are committed to supporting TouchBistro’s continued growth.”
With this funding, Steel will join TouchBistro’s board of directors.
TouchBistro last raised funding in late-2016 when they picked up $17 million led by the BDC IT Venture Fund.