Toronto-based iPad point-of-sale (POS) TouchBistro has picked up C$16.3m ($12.1m) in a Series C funding round.
Napier Park Financial Partners co-led the round with Japanese firm Recruit Holdings. Existing investors, including BDC IT Venture Fund, Relay Ventures and Kensington Capital Partners also participated.
TouchBistro offers a suite of iPad-based POS tools tailored for restaurants. It claims to have deployed more than 15,000 iPads to 9,000 restaurants around the world in the last year alone. It says this has resulted in it growing its reoccurring monthly revenue by 150% with its solution processing almost $5bn annually.
The round brings TouchBistro’s total funding to more than $35m with it previously taking on $13m in a Series B round in October. The company will use the capital to further enhance its features and expand into global markets.
TouchBistro CEO and founder Alex Barrotti said: “We have experienced significant growth over the past year and plan to continue on this exciting trajectory.
“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.”
Recruit Holdings division director Mikihito Kawanami commented: “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.”
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