TouchBistro, the Canada-based creator of a point-of-sale (POS) system for restaurants, has raised C$72m ($54m) in a series D round that included human resources provider Recruit Holdings.
The round was co-led by financial services firm JPMorgan Chase and Omers Ventures, the venture capital arm of pension fund Omers, and included BDC IT Venture Fund, part of the Business Development Bank of Canada, as well as Napier Park Financial Partners and Relay Ventures.
TouchBistro has created an iPad-based POS and business management system designed for use by restaurants. It is used by more than 12,000 restaurants across some 100 markets.
In addition to POS functions such as order taking and payment processing, the platform includes business applications such as menu management, financial accounting and reporting, customer loyalty, inventory management and staff rota scheduling.
The series D funds will support development of the next iteration of TouchBistro’s operating system in addition to the development of new products and growth in both new and existing markets.
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.”
The company has now raised C$117m in funding, it said. Food delivery platform Just Eat backed its $4.8m series A round in 2015 along with Difference Capital, Relay Ventures and Kensington Capital Partners, following earlier funding from the latter two and Walden Venture Capital.
BDC IT Venture Fund led TouchBistro’s $13m series B round in late 2016, investing together with Relay Ventures, Kensington Capital Partners, Round13 Capital and Huff Capital.
Recruit and Napier Park Financial Partners subsequently co-led a $12.1m series C round for the company in June 2017 that included BDC IT Venture Fund, Relay Ventures and Kensington Capital.