Growth equity firm FTV Capital supplied $160m in series B funding yesterday for Plate IQ, a US-based digital payment technology provider backed by restaurant chain owner The Restaurant Group.
Founded in 2014, Plate IQ provides a software platform that helps businesses across the hospitality industry automate accounts payables and simplify invoice management and payments for both recurring and one-time expenses.
The company processes more than 50,000 invoices daily and has processed over $2bn in direct vendor payments in total, serving 20,000 customers across restaurants, hotels, country clubs and accounting services, it said.
Plate IQ intends to use the funding to grow its network and further expand across new industries. In conjunction with the funding, Robert Anderson, partner at FTV Capital, and FTV Capital vice-president Gary Weber will join its board of directors.
Restaurant Group took part in a $4m round for the company in 2017 that was led by investment firm Eileses Capital and also backed by Initialized Capital, Y Combinator Continuity and Tamares Group.
Bhavuk Kaul, co-founder and president of Plate IQ, said: “In the coming weeks and months, we will launch an exciting pipeline of vertically-specialised products and services to holistically address vendor/customer pain points in our target industries.
“With the backing of FTV Capital, Plate IQ begins a new era of success, in alignment with a business partner that shares our vision and possesses a unique ability to help us accelerate our growth.”