*NEWS: Startup Serving Restaurants Raises Almost $20 Million in Series B Round
A startup that developed a cloud-based accounting software tool for restaurants closed a $19.5 million Series B round, with lead investment from Bessemer Venture Partners.
Restaurant365, with HQ in Irvine, received the funding, according to a March 14 press release issued by the company.
The funds will be used to add new features to its software and grow its client base, as well as invest in engineering teams, according to the release.
It’s the second round of funding from Bessemer, after closing a $20 million Series A round early last year.
Tony Smith is the co-founder and CEO of Restaurant365.
Restaurant365 was founded by an experienced team of software veterans, who wanted to develop an accounting, operations and reporting tool–specifically for restaurants–that scales and positions restaurant concepts for growth.
The comprehensive system includes tools for accounting, catering, inventory, tracking franchisees and tracking labor.
The Restaurant365 software enables the platform to “talk” with other systems, including POS providers, payroll processors, vendors and banks.
Restaurant365 also has an office in Austin.