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Restaurant365 LLC, an Irvine-based developer of back-office software for restaurants, said it closed a $20 million Series A financing that includes a minority investment from Bessemer Venture Partners.
"The Restaurant365 team has built the industry leading set of tools for restaurants to modernize their accounting and back office operations,” said Brian Feinstein, a partner at Bessemer.
Feinstein, who is author of the “Bessemer Guide to Venture Debt,” was also named to the board of directors of Restaurant365.
Bessemer, which has $4.5 billion assets under managements, has been involved in some of Silicon Valley’s most famous initial public offerings, including Shopify, Box, Yelp and LinkedIn.
Restaurant365, founded in 2011 by Morgan Harris, John Moody and Tony Smith, provides cloud-based restaurant accounting, operations and reporting capabilities.
Bessemer’s "desire to join us is a big vote of confidence in the product we've created and the fantastic team we have here, especially with no prior outside funding,” Chief Executive Smith said.
Restaurant365’s clients have included Capriotti's Sandwich Shop, Luke's Lobster, Ono Hawaiian BBQ, Blaze Pizza, California Fish Grill and others.