TouchBistro, the payment technology company, announced Thursday (June 1) it raised CDN $16.3 million in Series C funding.
In a press release, the company said the latest round of funding was led by Napier Park Financial Partners and Recruit Holdings. Other investors included BDC IT Venture Fund, Relay Ventures and Kensington Capital Partners, all of which previously invested in the company.
The funding will be used to expand the feature set in the TouchBistro iPad mobile restaurant point-of-sale (mPOS) solution and to facilitate the company’s expansion into global markets. This latest round brings TouchBistro’s total funding to date to CDN $45.3 million, it said in the release.
“We have experienced significant growth over the past year and plan to continue on this exciting trajectory,” said Alex Barrotti, founder and CEO of TouchBistro. “Bringing together Napier Park, a FinTech payments expert, and Recruit, a restaurant behemoth, in this transaction together with our existing investors positions us well to capture an even larger share of the emerging restaurant mPOS market.”
According to the company, TouchBistro is the top-grossing iPad POS app in 37 countries. In 2016, it grew its recurring monthly revenue by 150 percent and deployed more than 15,000 iPads in over 9,000 restaurants around the world. TouchBistro POS solutions process Gross Merchandise Volumes of almost US $5 billion each year, the company 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,” said Mikihito Kawanami, division director at Recruit Holdings. “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.”
Mizuho Hiraguri from Recruit Holdings will join the TouchBistro board of directors as an observer, the company noted in the release.