CPE News (2.10.2022) – 7shifts has raised US $80 million in Series C funding led by SoftBank Vision Fund 2 with participation from existing investors Ten Coves Capital and Enlightened Hospitality Investments.
David Boriss, Director of SoftBank Investment Advisers, will join 7shifts board of directors.
Founded in Saskatoon and with offices in Toronto and New Jersey, 7shifts is an end-to-end technology platform built exclusively for restaurants to simplify team management, particularly critical as restaurants adapt to labor challenges and face pressure on profitability and compliance. Its platform is being used by more than 650,000 restaurant pros across 27,000 locations around the world.
7shifts will use the latest round of funding to double the size of its team and continue to build products for the employee lifecycle.
In May 2021, 7shifts raised US $21.5 million in Series B funding led by Enlightened Hospitality Investments, the growth equity fund affiliated with Union Square Hospitality Group (USHG) with participation of Ten Coves Capital, Relay Ventures, and Conexus Venture Capital.
photo credit: 7shifts
News Release
7shifts Raises $80 Million in Series C Funding Led by Softbank Vision Fund 2 to Strengthen Restaurant Operations
Funding follows year of explosive growth as restaurants leverage 7shifts team management platform to drive staff retention and operational efficiency in face of labor challenges
SASKATOON, Saskatchewan and TORONTO, Feb. 10, 2022 (GLOBE NEWSWIRE) — 7shifts, the leading team management platform for restaurants, today announced it has raised $80 million in Series C funding led by SoftBank Vision Fund 2. The round also includes participation from existing investors Ten Coves Capital and Enlightened Hospitality Investments.
7shifts is an end-to-end technology platform built exclusively for restaurants to simplify team management, particularly critical as restaurants adapt to labor challenges and face pressure on profitability and compliance. From scheduling to team communication, task management and tip pooling, 7shifts’ platform drives operational efficiency and team engagement, making it simple to receive schedules, trade shifts and manage tasks. It is trusted by more than 650,000 restaurant pros across 27,000 locations around the world.
“We are proud to welcome SoftBank as our newest investor and deeply appreciate their confidence in our mission to simplify team management and improve performance for restaurants,” said Jordan Boesch, CEO of 7shifts. “Over the past two years, restaurants have dealt with countless challenges, and now more than ever need technology to streamline operations, empower workers and improve team retention. Our growth demonstrates that both independent and multi-unit brands are quickly adopting best-of-breed platforms to navigate the challenging labor market; and by building a first-class suite of solutions specifically tailored to the needs of restaurants, we’ve helped operators become employers of choice, all while controlling costs and building operational efficiency.”
The investment comes on the heels of a significant year of growth for 7shifts in 2021, adding more than 10,000 locations and over 400,000 workers to its platform. 7shifts will use the latest round of funding to double the size of its team and continue to build products for the employee lifecycle, which will help restaurant operators connect all aspects of their HR processes − from hiring, onboarding, training, scheduling, and paying, to retaining.
Additionally, 7shifts has more than doubled its partner integrations and will further expand its APIs to close technology gaps for restaurant operators. “Despite all the capital that’s been invested in restaurant technology, little has been spent on truly helping operators connect their many systems; we have made it a 7shifts priority to close this gap and provide operators easy access to their data,” said Boesch.
“The restaurant industry is rebounding from COVID, but hiring and retaining staff remains a challenge to sustaining this growth,” said Ram Trichur, Partner at SoftBank Investment Advisers. “7shifts is helping restaurants everywhere improve their operating efficiency and gives their teams the tools they need to be employers of choice. We are thrilled to partner with Jordan and the team to support their mission to simplify team management and improve performance for restaurants.”
7shifts’ recent growth includes the addition of well-known multi-unit brands, including FUSIAN, Salt & Straw, Hook & Reel, Mezeh Mediterranean Grill, and Flagship Restaurant Group, reflecting the growing reach of its team management platform.
About 7shifts
Founded in Saskatoon, Canada, in 2014, with offices in Toronto and New Jersey, 7shifts is simplifying team management, one shift at a time. It is used and trusted by over 650,000 restaurant pros across North America, Europe, the Middle East and Australia. More than a scheduling platform, 7shifts provides an end-to-end 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.
Media Contact:
Liz DiTrapano, Smith Street Communications
(617) 717-8917
liz@smithstreetcomms.com