TouchBistro Closes Second Tranche of Seed Funding Round With Investments from Walden Venture Capital and Kensington Capital Partners
Walden and Kensington Join Relay Ventures as Investors in the Fast Growing Mobile Point of Sale Market for the Food and Drink Industry
TORONTO, Ontario, March 26, 2014-- TouchBistro today announced that it has closed a second tranche of its recently announced seed funding round with investments from Walden Venture Capital and Kensington Capital Partners. The second tranche brings TouchBistro's total funding to date to approximately $6M. The funding comes on the heels of a successful year for TouchBistro that saw the provider of mobile point-of-sale (POS) solutions for the food and drink industry processing approximately $500MM in transaction value in 2013 from more than 1,000 merchants, including full service restaurants, quick service restaurants, food trucks, coffee shops and other food and drink venues.
"With this injection of funding, TouchBistro now has the backing of three highly respected and top performing venture capital firms, and is very well positioned in the food and drink industry," says Alex Barrotti, CEO of TouchBistro. "We are seeing tremendous momentum in this market, reinforced by some very encouraging market research. This translates into a huge opportunity for TouchBistro." According to the 2014 POS Software Trends report, when restaurants are asked to choose the top features they're seeking in their next POS upgrade, the vast majority chose mobile POS and the ability to enable payment options.
Since launching two years ago in the iTunes App Store, TouchBistro POS has been ranked as the top grossing food and beverage app in 27 countries. The company has aggressive growth and expansion plans that include establishing a local presence in key markets, and doubling its customer base in the next 12 months. TouchBistro will also continue its commitment to customer satisfaction by investing in new technology and new talent acquisition.
"We are already well on our way to achieving the lofty goals we've set for the year," says Barrotti. "In January we opened our New York City office. We also achieved a 34% increase over our previous record of new customer signups in a given month."
"TouchBistro has developed a truly disruptive technology in an industry that is ripe for innovation," says Kensington Managing Director, Rick Nathan. "We are pleased to be participating in their rapid growth and development." The Kensington investment is being completed through the Kensington Global Private Equity Fund.
"TouchBistro has a simple to use, yet powerful product that enhances the restaurant experience for customers, waiters and operations. Alex and his team are deeply customer focused and take pride in providing a user friendly solution that is backed by great customer service," says Larry Marcus, Managing Director at San Francisco-based Walden Venture Capital.
TouchBistro brings mobile innovation to the food and beverage industry, providing a modern point-of-sale solution that is easy to use, packed with smart features, integrated with different payment processing options, and at a lower cost. Servers use the TouchBistro iPad app to take tableside customer orders, and instantly submit them to the kitchen and bar. This eliminates the need for servers to enter a customer's order into a separate, distant terminal, which minimizes order errors and increases operations efficiency. With TouchBistro POS, restaurateurs are better equipped to deliver a superior experience to their customers.
With offices in New York and Toronto, TouchBistro is a leader in iPad restaurant point-of-sale technology for restaurants, cafes, bars, food trucks, and other food and drink venues. The TouchBistro app has been ranked as the number one top-grossing food and beverage app in 27 countries on the Apple® App Store(SM). TouchBistro offers a 45-day free trial that can be converted to a monthly, quarterly or annual subscription. Additional information is available at www.touchbistro.com.
Kensington, founded in 1996, is a leading Canadian investor in alternative investments. Kensington is best known for its private equity and venture capital investment programs, having committed over $600 million since 2002, and is also an active investor in infrastructure assets and hedge funds. Institutional investors such as pension funds and professional asset managers, as well as high net-worth individuals and retail investors, hold Kensington funds. For more information on Kensington and current offerings, please visit www.kcpl.ca.
About Walden Venture Capital
Founded in the mid 1970s with offices in San Francisco and Woodside, CA, Walden focuses on Sprout Stage™ investments with mass market potential in digital media and enterprise services. Walden Venture Capital has backed leading companies in mobile, search, entertainment, advertising and infrastructure. Additional Information is available at www.waldenvc.com.
Echo Communications (for TouchBistro)
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