US-based restaurant technology company Presto collected $30m in a funding round yesterday co-led by human resource services provider Recruit Holdings and venture capital firm Romulus Capital.
Venture capital firm I2BF Global Ventures and private equity firms EG Capital and Brainchild Holdings also contributed to the round.
Founded in 2008 as E la Carte, Presto has developed a platform consisting of tablets for guests to order and pay for food from their table, a wearable device for staff to receive real-time notifications from guests, handheld devices for waiters and an analytics platform.
The money will drive growth of Presto’s platform and allow the company to expand its products and services.
Presto has raised more than $80m in funding to date. It previously closed a $35m series C round in 2016 included Intel Capital, the corporate venturing division of semiconductor producer Intel, Romulus Capital, TriplePoint Capital and private investor Sam Altman.
Intel had previously led a $13.5m series B round in 2013, with participation from Romulus. Presto’s backers also include SV Angel, Lightbank, Y Combinator and private investor Drew Houston.
Mizuho Hiraguri, vice-president of corporate development at Recruit, said: “The brick-and-mortar industry is truly a massive one, with massive problems, and we are thrilled to begin a new relationship with Presto who is tackling these problems.
“The shortage of labour in developed countries is already acute, and will only get worse. Presto will help address this problem with its world-class technology.”
