Toronto-based TouchBistro, which develops an iPad-based PoS app for restaurants, announced a $17 million Series B. The round was led by the BDC IT Venture Fund — a fund launched in February — with participation from new investors Round13 Capital and Huff Capital, and existing investors Relay Ventures and Kensington Capital Partners. In September, Round13 co-founder Bruce Croxon sat with TouchBistro founder and CEO Alex Barrotti on BNN’s The Disruptors to talk about how the company scaled globally.
This latest round brings TouchBistro’s total funding to date to $30 million. Barrotti said that the funding would be used to expand the company’s sales and marketing teams and partnerships with “industry leaders” to build out its platform. “Our investors share our vision to provide the most innovative, comprehensive, and easy-to-use POS for the restaurant industry. Their continued support positions us to achieve long-term success,” said Barrotti.
With TouchBistro, bills are automatically calculated and split by customers, and bill totals are transferred electronically into an integrated card keypad or mobile wallet for payment to minimize payment errors. In April, Touchbistro raised a $6 million Series A.
“TouchBistro has evolved from a pioneer in the restaurant mobile POS segment to an industry leader. They are a next-generation financial services platform for the restaurant and hospitality industry that will transform operations and enable growth, while removing many financial process headaches,” said Peter Misek, partner in the BDC IT Venture Fund. “With its impressive caliber of leadership, depth of technical expertise, and savvy go-to-market strategy, TouchBistro is a welcomed new addition to our growing portfolio of innovative companies.” Effective immediately, Mr. Misek has joined the TouchBistro Board of Directors.
