Restaurant management platform TouchBistro has raised C$150m ($109m) from global investment firm Francisco Partners to expedite growth and pursue strategic acquisitions.
The funds will be used by the company to expand its product offerings to meet customer requirements.
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TouchBistro chairman and CEO Samir Zabaneh said: “Our industry-leading technology, optimised business model, and uncompromising focus on our customer experience has us well-positioned to accelerate our growth in the vast restaurant and hospitality sector throughout North America and beyond.
“Francisco Partners shares our enthusiasm about the growth potential for TouchBistro and our customers.
“In addition to providing us with access to capital, Francisco Partners also has significant domain expertise and industry connections that will enhance and accelerate our growth trajectory and acquisition plans.”
The company said that its system has been designed to streamline and simplify every aspect of running a restaurant on a single platform.
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By GlobalDataIt added that its technology has the capability to manage online ordering, reservations, payment processing and menu as well as inventory management and marketing to help restaurants improve efficiency and customer experience.
In the past two years, the company has enhanced the capabilities of the platform, which now features online ordering, delivery management, contactless payments and other customer engagement tools.
Francisco Partners Credit and Structured Solutions managing director Peter Gingold said: “The TouchBistro team has done an exceptional job building and delivering an end-to-end restaurant management platform.
“They continuously demonstrate an impressive commitment to driving innovation that supports the needs of restaurants today and as the industry evolves into the future.”
RBC Capital Markets acted as the exclusive placement agent to TouchBistro, while Stikeman Elliott served as the legal advisor. Akin Gump Strauss Hauer & Feld served as legal advisor to Francisco Partners.
