New funds will be used for R&D, to support the company’s expansion into new and existing markets,and to double its headcount
TouchBistro today announced that it has raised C$72 million in Series D financing. The round was led by OMERS Ventures and JPMorgan Chase, with participation from existing investors, including Napier Park Financial Partners, Recruit Holdings Co, Ltd, BDC IT Venture Fund, and Relay Ventures.
The new funds will be used to support development of the next generation TouchBistro restaurant operating system, development of new payment solutions, expansion into new and existing markets, and to double the size of the team over the next year. This latest round brings TouchBistro’s total funding to date to C$117 million.
TouchBistro is an award-winning iPad POS built from the ground up to work as the heart of a restaurant’s operations. It streamlines and simplifies all aspects of running a restaurant – from order taking, payment processing, menu management, accounting, reporting, inventory management, and staff scheduling, to customer loyalty. More than 12,000 restaurants in over 100 countries use the POS today and the company has grown its recurring monthly revenue by 58 percent over the last year. TouchBistro POS solutions process more than US$6 billion annually.
“I am proud to welcome our new partners - OMERS Ventures, one of the largest pension funds in Canada, and JPMorgan Chase, the largest bank in the US. 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.”
OMERS Ventures is the venture capital investment arm of OMERS, one of Canada’s largest pension funds with more than $95 billion in net assets. Over the last five years, OMERS Ventures has invested more than $360 million in over 30 disruptive technology companies across North America, creating more than 5,000 jobs, and attracting an additional $1.2 billion for its portfolio companies.
“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.”
As part of this transaction, Damien Steel will join the TouchBistro Board of Directors.
“Through this investment, we are supporting TouchBistro’s growth and work to develop technology that helps restaurant owners, including many who are our clients, enhance the payments experience and improve their business operations,” said Ana Capella, Managing Director and Head of Strategic Investments at JPMorgan Chase.
Earlier this year, WePay (a Chase company) and TouchBistro announced plans to deliver two time-saving innovations busy restaurant owners need: instant payment processing; and a new, integrated mobile payment device that allows customers to easily pay at the table as they choose – tap, chip, and traditional magnetic strip.
TouchBistro is an iPad POS built for restaurant people, by restaurant people – with every feature designed to meet the unique needs and fast pace of the foodservice industry. TouchBistro has powered over 12,000 restaurants in more than 100 countries and helps restaurateurs run better businesses and makes managing a restaurant easier. TouchBistro offers in-depth training and free 24/7 technical support provided by POS specialists who have also worked in the restaurant industry. With offices in Toronto, New York, Austin, Chicago, London, and Mexico City, TouchBistro is a global POS leader and is changing the way restaurateurs worldwide run their businesses. TouchBistro offers a 30-day free downloadable trial. Additional information is available at www.touchbistro.com.