Presto, the US-based restaurant management software provider backed by corporates Intel and Recruit Holdings, has agreed to a $1bn reverse merger with special purpose acquisition company Ventoux CCM Acquisition Corp.
Founded in 2008 as E la Carte, Presto provides digital technology which enables hospitality businesses to handle logistics, orders and other functions in real time. The merged business will rebrand to Presto Technologies and take Ventoux CCM’s listing on the Nasdaq Capital Market.
The deal values the combined company at $1.04bn and is backed by $70m in private investment in public equity financing from investors including Remus Capital, Apollo Project, Presto founder Rajat Suri and others, such as franchisees of fast-food chains Applebee’s, McDonald’s and Outback Steakhouse.
Presto raised $30m in an early 2019 round co-led by human resources services provider Recruit and venture capital firm Romulus Capital. The participants were filled out by fellow VC firm I2BF Global Ventures and private equity firms EG Capital and Brainchild Holdings, and took its total funding to over $80m.
Chipmaker Intel’s corporate venturing unit, Intel Capital, had taken part in a $35m series C round in late 2014, investing alongside TriplePoint Capital, Romulus Capital and private investor Sam Altman. Its earlier backers include Intel, SV Angel, Lightbank, Y Combinator and Drew Houston.
Rajat Suri, Presto’s founder and chief executive, said: “Presto is on a mission to transform physical industries with next-gen digital technologies like touch, vision and voice.
“We are excited to invite public market investors to join us on this journey and support us in our efforts to solve deep-rooted problems for our customers like the shortage of labour, slow guest experiences and lack of data to enable sophisticated decision-making.”
