Restaurant365 orders in $175M at $1B+ valuation to supersize its food service software stack

This article first appeared in TechCrunch.

The U.S. restaurant industry is expected to pass $1 trillion in sales for the first time this year, despite wider economic pressures on consumers. Now Restaurant365, a startup building tech to manage those businesses, has raised a hot $175 million to capitalize on that growth. 

The funding is being led by ICONIQ Growth, with KKR and L Catterton also participating, all existing backers of the company. Restaurant365 is not disclosing the valuation it received in the round, but Tony Smith, its co-founder and CEO, confirmed to TechCrunch that it is an up-round.

“We’re excited that continues to grow and that we have very supportive investors behind us,” he said. For context, last year, when the startup raised $135 million, it disclosed that it had passed a $1 billion valuation.

Read the full article in TechCrunch.