Toronto-based SaaS startup ResQ has raised $48.5 million CAD ($39 million USD) from a Series A funding round. Co-led by Tiger Global and Canvas Ventures, the raise also saw participation from other investors in the culinary, restaurant technology, and e-commerce industries.
Disclosed investors include Tony Xu and Stanley Tang, founders of DoorDash; Bastian Lehman, founder of Postmates; Michael Katchen, founder of Wealthsimple; Max Mullen, founder of Instacart; Homebrew Ventures; Inovia Capital; Golden Ventures; and other returning and new entities committed to ResQ.
Mike Ghaffary from Canvas Ventures, and former CEO of Yelp-Eat24, as well as Nilam Ganenthiran, former president of Instacart, will be joining ResQ’s board of directors.
Founded in 2018, ResQ’s restaurant software enables owners to submit, manage, and pay for repairs and maintenance through the company’s curated marketplace of service providers. Using ResQ’s technology, the company claims that restaurant operators can save 20 percent in annual maintenance costs and reduce equipment downtime.
With its new capital, the company plans to expand its employee base by 400 percent to further develop its restaurant automation solutions. ResQ currently has about 82 employees according to its LinkedIn page.
ResQ has raised a total of $48 million USD to date and claims to be the fastest growing restaurant repair and maintenance platform.
According to ResQ, its customer base grew from seven to 36 states in the United States since the company announced its seed funding round in June where it raised $9.75 million CAD ($7.5 million USD).
Although it was publicly shared in June, ResQ told BetaKit that the all-equity seed round ended in December. Kuljeev Singh, ResQ’s founder and CEO, said the company delayed its announcement because it “wanted to be mindful” of celebrating during a challenging time for restaurants owing to the COVID-19 pandemic.
ResQ currently serves over 4,000 restaurant groups including KFC, Taco Bell, Pizza Hut, Wendy’s, A&W, Burger King, Tim Hortons, The Keg, Fogo de Chão, Marugame Udon, Parker Hospitality, Cactus Club Cafe, and Paramount.