The global pandemic was tough on restaurants, especially those that did not have capabilities to take online orders or manage deliveries. In an email interview, Zabaneh said that much of the adoption of cloud-based technology came during the pandemic so that restaurants could improve the guest experience while also helping their operations as labor shortages and food cost increases have inundated the industry.
However, it seems the company fought back to now serve over 16,000 restaurant customers to help them increase profitability and efficiency, while improving overall customer experience. TouchBistro has deployed more than 64,000 of its terminals that provide automated online ordering, menu and delivery management, contactless payments, marketing and customer engagement tools. It is also processing over $13 billion in payments annually,
“While we are proud of our leadership position in Canada, we also expanded our distribution throughout the United States, where we have built a substantial business,” he added. “We integrated with key partners to provide our customers with best-in-class and complementary solutions, all integrated together on a single platform.”
In total, the company has raised around CAD$430 million to date. Zabaneh declined to reveal TouchBistro’s valuation.
Meanwhile, seeing the amount of technology adoption by the restaurant industry, the company felt it was the right time to accelerate its growth, he added. In addition to that, the new funding will be deployed into technology development, introducing new value-added and other integrated tools and to complete more strategic acquisitions.
“Raising the capital from Francisco Partners provides us with the capital we need to achieve our strategic objectives, while adding deep domain expertise in technology and payments that will be invaluable as we continue this journey,” Zabaneh said. “Our vision is to become one of the most complete end-to-end restaurant management platforms, deliver best in class customer experience and help our customers be successful.”
TouchBistro bakes CAD$150M into restaurant management tech recipe by Christine Hall originally published on TechCrunch
