TouchBistro Raises $17 Million in Series B Financing
October 13, 2016
Latest round was led by BDC IT Venture Fund, with participation from new and existing investors; New funds will be used to further amplify the company’s growth.
TORONTO and NEW YORK – October 13, 2016 – TouchBistro today announced that it has secured CDN$17 million in Series B funding. The latest round was led by BDC IT Venture Fund, with participation from new investors Round13 Capital and Huff Capital, and existing investors Relay Ventures and Kensington Capital Partners. This latest round brings TouchBistro’s total funding to date to $30 million.
TouchBistro is the top grossing iPad restaurant point-of-sale (POS) app in 37 countries. The company has experienced significant month-over-month growth over the past year, and now has deployed approximately 15,000 terminals across 6,000 restaurants around the world. Its POS solutions process Gross Merchandise Volumes in excess of $4 billion annually. In the last quarter, TouchBistro launched in Spanish and French, and integrated with QuickBooks and Square.
“This latest round of funding enables us to further amplify our growth by expanding our focus on sales and marketing, and by building out our POS platform through new partnerships with industry leaders and by integrating innovative features that deliver value to restaurants,” said Alex Barrotti, founder and CEO of TouchBistro. “Our investors share our vision to provide the most innovative, comprehensive, and easy-to-use POS for the restaurant industry. Their continued support positions us to achieve long term success.”
“TouchBistro has evolved from a pioneer in the restaurant mobile POS segment to an industry leader. They are a next-generation financial services platform for the restaurant and hospitality industry that will transform operations and enable growth, while removing many financial process headaches,” said Peter Misek, partner in the BDC IT Venture Fund. “With its impressive caliber of leadership, depth of technical expertise, and savvy go-to-market strategy, TouchBistro is a welcomed new addition to our growing portfolio of innovative companies.” Effective immediately, Mr. Misek has joined the TouchBistro Board of Directors.
TouchBistro provides iPad point-of-sale (POS) solutions for the food and drink industry, including full service restaurants, quick service restaurants, food trucks, coffee shops and bars. Servers use the TouchBistro iPad app to take tableside customer orders and instantly transmit them to the kitchen and bar.
With TouchBistro, bills are automatically calculated and split whatever way the patron desires, and bill totals are transferred electronically into an integrated card keypad or mobile wallet for payment. This minimizes order and payment errors, resulting in faster service and a superior customer experience. TouchBistro offers a full suite of reports that help restaurant operators manage and improve the bottom line. Restaurateurs have reported sales increases as much as $2,000 a day since they started using TouchBistro due to increased operations efficiency.
GCA Advisors, LLC. acted as the exclusive financial advisor to the funding round.
With offices in New York and Toronto, TouchBistro is a leader in iPad point-of-sale technology for restaurants, cafes, bars, food trucks, and other food and drink venues. The TouchBistro app has been ranked as the number one top-grossing food and beverage app in 37 countries on the Apple® App Store℠. TouchBistro was named 2016 Best POS System for Restaurants by Business News Daily in its annual review of dozens of point-of-sale (POS) systems and International App of the Year 2015 by Best in Biz Awards. TouchBistro offers a 30-day free trial that can be converted to a no-contract subscription. Additional information is available at newtouchbistro.staging.wpengine.com.