TouchBistro, a restaurant POS terminal, has raised CAD $72m ($54m) in its Series D financing round.
OMERS Ventures and JPMorgan Chase led the round, with participation also coming from Napier Park Financial Partners, Recruit Holdings, BDC IT Venture Fund, and Relay Ventures.
TouchBistro is an iPad-based POS system for restaurants that supports the customer’s entire experience including order taking, payment processing, menu management, accounting, reporting, inventory management, staff scheduling, and customer loyalty. Its services are used by over 12,000 restaurants in more than 100 countries and helps to process $6bn annually.
Over the past year, the company has grown its recurring monthly revenue by 58 per cent.
Capital from the round will be used to support the development of its operating system, building new payment solutions and expand across new and existing markets. Doubling the size of the team over the next year is also a goal of TouchBistro.
JPMorgan Chase managing director and head of strategic investments Ana Capella said, “Through this investment, we are supporting TouchBistro’s growth and work to develop technology that helps restaurant owners, including many who are our clients, enhance the payments experience and improve their business operations.”
As part of the funding, OMERS Ventures managing partner Damien Steel will join the company’s board of directors.
With this injection of capital, the company has raised a total of CAD $117m ($88m). Last year, the company picked up a $12.1m Series C round, with Napier Park Financial Partners and Recruit Holdings co-leading the round.
Other investors to its former round included BDC IT Venture Fund, Relay Ventures and Kensington Capital Partners.
Earlier in the year, TouchBistro and WePay announced plans to launch a new instant payment processing service and an integrated mobile device which will let customers pay at the table with contactless, chip or traditional magnetic strip.
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