Software maker Ecotrak LLC didn’t have to wait long for its latest funding round.
The Irvine-based firm, whose enterprise software allows restaurants and other businesses to automate repairs and maintenance work orders, said earlier this month that it received $30 million in funds, pushing its total funding past $50 million. Its last financing round took place about a year ago.
The latest round of financing was led by Fort Lauderdale, Fla.-based Respida Capital, with participation from Carver Road Capital and existing investor Gala Capital Partners, which is based in Costa Mesa.
Gala Capital—which invests in franchised restaurant chains as well as software companies whose offerings are often used in restaurants—has been involved with the tech firm since 2020, with Respida and Carver investing in Ecotrak for the first time.
“As experienced restaurant operators, we know the challenges that come with facilities management and see the tremendous value that a solution like Ecotrak offers,” Gilles Kersten, Gala’s vice president of mergers and acquisitions, told the Business Journal.
“We aim to support Ecotrak’s strategy to enhance product features, integrate advanced AI analytics and extend their market penetration, ensuring that businesses across various industries can benefit from optimized operations and reduced costs.”
Cutting Down Downtime
Ecotrak was founded in 2018 by Chief Executive Matt Singer, a former vice president of finance, controller for Costa Mesa-based restaurant chain Lazy Dog Restaurants.
The company’s software aims to reduce equipment downtime and save costs on repairs and maintenance for restaurants and other businesses.
The platform creates profiles for business’ equipment, from air conditioning to refrigerator units and cooking appliances. When Ecotrak’s users report that a machine breaks, the software automatically notifies the company’s technicians.
“Our competition has been around much longer, so we’re trying to make our products much better,” Singer told the Business Journal.
Ecotrak said the latest capital infusion follows a record-breaking year for the company, though it didn’t specify its current rate of revenue.
The new funds will further accelerate its product development and go-to-market efforts.
The majority of funding has historically gone toward building the product itself, Singer said.
In the last quarter, Ecotrak completed a tech overhaul to update code software and infrastructure that “will open us up to the world of AI and machine learning,” according to Singer.
Now, more capital can start going to market expansion as Ecotrak looks to work with new clients related to food and beverage.
“We’re going more into convenience stores and retailers that have equipment dependencies,” Singer said. “We’re expanding the product and who we support with the product.”
Orange County is home to several software firms with ties to the restaurant industry, and the area is one of the country’s largest headquarter hubs for restaurant chains.
The largest related software firm in the area is Irvine’s Restaurant365, whose products help manage restaurant facilities operations (see story, this page). That firm’s valuation topped $1 billion last year; Ecotrak’s valuation hasn’t been disclosed.
Equipment Dependent
Ecotrak reported rapid growth in the last year, with customers including Inspire Brands, Flynn Group, Dutch Bros Coffee and Dave & Buster’s.
Ecotrak simplifies facilities management for multi-site owners and operators of businesses such as quick-service restaurants through modern web and mobile applications.
Updates to Ecotrak’s software during the fourth quarter included more predictive analytics and automating the service requests.
“We’re making the platform smarter with how it automates the request,” Singer said.
As Ecotrak looks to other businesses that can utilize its technology, the firm aims to stay food-adjacent with stores that have much of the same equipment.
“We’re moving into different verticals cautiously,” Singer said.
