TouchBistro, an iPad POS and integrated payment solution for restaurants, has raised CAD $158m ($118.9m) in its Series E.
OMERS Growth Equity served as the lead investor, with contributions also coming from Barclays Bank, RBC Ventures, BMO Capital Partners. The round was also backed by a number of return investors including OMERS Ventures, JPMorgan Chase, Napier Park Financial Partners, BDC IT Venture Fund, and Kensington Capital Partners.
With the new funds, TouchBistro will acquire complementary products which will expand its own capabilities. Additionally, TouchBistro hopes the capital will support the development of technology advancements, expand its international presence, and increase the size of its team.
The FinTech’s POS solution is used in more than 16,000 restaurants in over 100 countries. Its hand-held terminal can be used for order taking, payment processing, menu management, accounting, reporting, inventory management, staff scheduling, and customer loyalty.
TouchBistro CEO and founder Alex Barrotti said, “The global restaurant industry is undergoing a technology renaissance, and TouchBistro is leading the way in driving the industry forward.
“We have teamed up with some of the largest financial institutions in key markets around the world to provide our customers with enriched payment services and easier access to financial services. We are proud of these strong partnerships and plan to build on this model as we expand our global footprint.”
TouchBistro recently revealed a partnership with Barclaycard in the UK. The deal saw Barclaycard’s payment services incorporated into the TouchBistro iPad POS solutions, enabling restaurants and pubs to accept Barclaycard transactions.
Barclays, CEO, Global Payments Acceptance Rob Cameron said, “We recently teamed up with TouchBistro to provide integrated payments to restaurants and pubs in the UK. Through this partnership we anticipate expanded commercial opportunities and distribution across Europe, and improved access to financial services for the restaurant market.
“Our equity investment reaffirms our commitment to working with TouchBistro and our belief that the company is very well positioned to capture the opportunities that lie ahead.”
Last year, the payments company closed a $54m Series D round from OMERS Ventures, JPMorgan Chase, Napier Park Financial Partners, Recruit Holdings, BDC IT Venture Fund, and Relay Ventures, among others. The funds were used for product and market expansion.
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