MarginEdge, a developer of restaurant software, has collected $5m in its Series A which was led by Osage Venture Partners.
Additional participation also came from hospitality company In Good Company.
Having closed the investment, the company will look to continue its product development as well as expand geographically and through partnerships.
MarginEdge builds software solutions for the restaurant industry with tools for automated invoice processing, inventory and purchasing, recipes, food cost management and bill pay. The invoice service works by a user simply takes a photo of an invoice, service bill, cash receipt, etc, and they will be stored in the cloud. The user can also use the MarginEdge solution to send invoices.
Once an invoice has been pictured, the MarginEdge solution handles everything else, such as taking necessary information, automatically updating prices, sending payments and more.
The company recently added its 1,000th restaurant. MarginEdge operates in 35 states and processes over 20,000 invoices a week.
MarginEdge CEO Bo Davis said, “As a restaurant owner for 15 years myself I am well aware of how most software built to ‘help’ our industry causes as many headaches as it solves.
“Myself and fellow restaurant owners came together with a ground-up approach to back-office operations that focuses on removing headaches and providing just in time results. We’re excited to see this approach resonating, with a dozen of our clients investing in the company and a twelve-month customer retention rate of 94 percent. Restaurants love us because we built software to solve ’OUR’ problems, not theirs.”
Following the round close, the company has raised a total of $10.4m in capital.
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