Canada-based point-of-sale technology producer TouchBistro obtained C$16.3m ($12.1m) in series C funding on Wednesday from a consortium co-led by human resources firm Recruit and private equity group Napier Park Financial Partners.
The BDC IT Venture Fund, managed by Canada government-owned Business Development Bank of Canada, Relay Ventures and Kensington Capital Partners took part in the round.
TouchBistro has created a point-of-sale iPad app for the food and drinks sector that lets staff manage orders, reserve seats and split bills. The app enables staff to track inventory and to create and edit floor plans, and offers real-time insights into business performance.
The cash will go towards further development of the app and towards international expansion efforts. Mizuho Hiraguri, from Recruit, will join TouchBistro’s board as an observer.
TouchBistro previously closed a $13m series B round in October 2016 led by the BDC IT Venture Fund, with participation from Round13 Capital, Huff Capital, Relay and Kensington.
Food delivery service Just Eat participated in a C$6m series A round in 2015 alongside Kensington, Relay and Difference Capital. Kensington, Relay, Walden Venture Capital and assorted angel investors had previously supplied C$6m in seed capital in 2013 and 2014.
Mikihito Kawanami, division director at Recruit, said: “With its world-class technology and visionary leadership team, TouchBistro fits perfectly within our investment portfolio of innovative companies embarking on game-changing opportunities.
“We are business builders at heart and appreciate TouchBistro’s vision for restaurant success when their exceptional mobile platform functions as the heart of the restaurant’s operations.”