Toronto-based TouchBistro, which develops an iPad-based PoS app for restaurants, has announced a $72 million Series D.
The round was led by OMERS Ventures and JPMorgan Chase, with participation from Napier Park Financial Partners, Recruit Holdings, BDC IT Venture Fund, and Relay Ventures.
TouchBistro’s iPad POS platform allows restaurants to enter tableside orders and send them directly to the kitchen, while also providing information on upsell opportunities. Integrated EMV payments can also be taken at the table, which includes bill-splitting features.
TouchBistro said it plans to use the funding to develop the next generation of its platform. The funding will also be used to develop new payment solutions, expand into new and existing markets, and double the size of the team over the next year.
“This fundraising will allow us to develop a whole new level of financial products and services integrations.”
– Alex Barrotti, founder and CEO of TouchBistro
“I am proud to welcome our new partners OMERS Ventures, one of the largest pension funds in Canada, and JPMorgan Chase, the largest bank in the US,” said Alex Barrotti, founder and CEO of TouchBistro. “With this injection of capital, TouchBistro is incredibly well positioned to execute on our growth strategy. This fundraising will allow us to develop a whole new level of financial products and services integrations that greatly benefit both our restaurants and Chase customers alike.”
“We invest in and partner with the best and brightest entrepreneurs in tech to build a prosperous future and a vibrant and successful knowledge economy,” said Damien Steel, managing partner of OMERS Ventures. “Alex Barrotti epitomizes this focus and has an outstanding successful track record of developing and bringing disruptive technology to market. We are committed to supporting TouchBistro’s continued growth.”
In addition to the funding, TouchBistro announced that Damien Steel will be joining the company’s board of directors.
Earlier this year, TouchBistro announced a partnership with JPMorgan Chase’s WePay to power TouchBistro Payments, which allows instant payment processing.