CPE News (5/26/2021) – 7shifts has raised $21.5 million in Series B funding led by Enlightened Hospitality Investments (EHI), the growth equity fund affiliated with Union Square Hospitality Group (USHG). Existing investors Ten Coves Capital, Relay Ventures, and Conexus Venture Capital also participated in the financing.
EHI’s Henry Seherr-Thoss will join 7shifts board of directors.
7shifts will use funding to continue scaling its team and expand its product offering, including deepening its capabilities in the core areas of scheduling and employee communication, accelerating technology integrations to provide a more holistic view of the business, and rolling out the next generation of tools purpose-built for restaurateurs and their teams.
With offices in Toronto and New Jersey, Saskatoon based 7shifts is simplifying labor management, one shift at a time. It is used and trusted by over 500,000 restaurant pros across North America, Europe, the Middle East and Australia.
photo credit: 7shifts
7shifts Raises $21.5 Million in Series B Led by Enlightened Hospitality Investments, the Growth Equity Fund Affiliated with Danny Meyer’s Union Square Hospitality Group
As restaurants rebuild, 7shifts sees record-breaking growth in onboarding restaurants and reaches milestone of 500,000 restaurant professionals using the platform
SASKATOON, Saskatchewan and TORONTO, May 25, 2021 (GLOBE NEWSWIRE) — 7shifts, the leading labor management platform for restaurants, today announced it has raised $21.5 million in Series B funding led by Enlightened Hospitality Investments (EHI), the growth equity fund affiliated with Union Square Hospitality Group (USHG). Founded by restaurateur and industry visionary Danny Meyer in 1985, USHG operates some of New York City’s most beloved restaurants including Gramercy Tavern and Union Square Cafe. EHI was formed in 2016 to make strategic investments in best-in-class companies that have excellent management teams and corporate cultures. EHI’s investment follows a very successful implementation of 7shifts across USHG’s portfolio of cafes, bars and restaurants and will add EHI to 7shifts’ Board of Directors. The round also includes participation from existing investors Ten Coves Capital, Relay Ventures, and Conexus Venture Capital.
7shifts is experiencing record new client onboarding, as restaurateurs seek out tools to simplify team management and increase profitability, all of which has become even more critical during the global pandemic and as their businesses begin to rebound. 7shifts’ network now comprises more than 500,000 restaurant professionals across 18,000 locations around the world.
“We are deeply appreciative of our partnership with USHG and EHI, both as a restaurant partner and now as an investor, and believe it is a testament to the value 7shifts provides to restaurateurs and their team members,” said Jordan Boesch, CEO of 7shifts. “As the industry rebuilds, there has never been a more important time for restaurants to get more visibility into labor to improve long-term performance and profitability. Engaging with restaurant staff through data-driven, reliable shift scheduling will be critical to providing meaningful job satisfaction while simultaneously controlling costs, improving performance, and rebuilding the bottom line.”
“The restaurant and hospitality industry is about to experience one of the biggest periods of growth and hiring we’ve ever seen, and having the right technology in place to manage this process will be a crucial component to succeed,” said Danny Meyer, founder and CEO of USHG and a co-founder and Managing Partner of EHI. “Our business leaders have been uniformly impressed and inspired by the staff management platform 7shifts has built, and we look forward to our work together to help further propel 7shifts into becoming our industry’s gold standard.”
7shifts will use this latest round of funding to further fuel its mission to provide restaurant operators with best-in-class workforce management tools, a priority for restaurants now more than ever as they rebuild from the devastating impact of COVID-19. The proceeds will be used to continue scaling its passionate team and expand its product offering, including deepening its capabilities in the core areas of scheduling and employee communication, accelerating technology integrations to provide a more holistic view of the business, and rolling out the next generation of tools purpose-built for restaurateurs and their teams.
Founded in Saskatoon, Canada, in 2014, with offices in Toronto and New Jersey, 7shifts is simplifying labor management, one shift at a time. It is used and trusted by over 500,000 restaurant pros across North America, Europe, the Middle East and Australia. More than a scheduling platform, 7shifts provides an end-to-end labor management platform to help restaurateurs improve operating performance. To learn more, or to sign up for free, visit www.7shifts.com, or find us on LinkedIn or Instagram.
About Enlightened Hospitality Investments
Enlightened Hospitality Investments (EHI) is a value-added strategic investor formed to leverage the brands, businesses and team of Union Square Hospitality Group to identify growth potential and investment opportunities in both internal and outside ventures. EHI partners with portfolio companies to provide strategic direction, operational experience, increased visibility and access to relationships, resulting in significant value creation for all stakeholders. For additional information on Enlightened Hospitality Investments, please visit www.ehi.fund.
Liz DiTrapano, Smith Street Communications