TouchBistro has raised $16.3 million in Series C funding led by Napier Park Financial Partners and Recruit Holdings Co, Ltd, with participation from existing investors, including BDC IT Venture Fund, Relay Ventures, and Kensington Capital Partners.
As part of the transaction, Daniel Kittredge, Managing Director at Napier Park, will join TouchBistro board of directors and Mizuho Hiraguri from Recruit Holdings will join the board as an observer.
GCA Advisors, LLC acted as the exclusive financial advisor to TouchBistro in connection with this transaction.
TouchBistro intends to use new funding to enhance and expand the industry-leading feature set in the TouchBistro iPad mobile restaurant point-of-sale (mPOS) solution, and to facilitate the company’s expansion into global markets.
This latest round brings TouchBistro’s total funding to date to $45.3 million.
“We have experienced significant growth over the past year and plan to continue on this exciting trajectory,” said Alex Barrotti, founder and CEO of TouchBistro. “Bringing together Napier Park, a Fin-Tech payments expert, and Recruit, a restaurant behemoth, in this transaction together with our existing investors, positions us well to capture an even larger share of the emerging restaurant mPOS market.”
“With its world-class technology and visionary leadership team, TouchBistro fits perfectly within our investment portfolio of innovative companies embarking on game-changing opportunities,” said Mikihito Kawanami, Division Director at Recruit Holdings. “We are business builders at heart and appreciate TouchBistro’s vision for restaurant success when their exceptional mobile platform functions as the heart of the restaurant’s operations.”
“We back best-in-class platforms with leading management teams, and welcome this opportunity to invest in Alex and the TouchBistro team,” said Kittredge. “We have been highly impressed by TouchBistro’s leadership team, product, and technology and believe they will continue to deliver a simple, secure, and sophisticated point-of-sale solution to the restaurant market.”
Napier Park Financial Partner is the private equity group of Napier Park Global Capital, an alternative asset management platform with nearly $8 billion in assets under management. Napier Park focuses on investing in innovative, high growth companies at the intersection of financial services and technology-enabled products and services. Napier Park targets investments of $5 million to $30 million.
Founded in 1960, Tokyo, Japan based Recruit Group operates in a wide range of services, including HR technology, housing and real estate, bridal, travel, dining, beauty, recruitment advertisement, employment placement, staffing and others. The Group has more than 45,000 employees and operates in more than 60 countries.
photo credit: TouchBistro