PeachWorks Raises $4 Million in Funding to Grow Enterprise Cloud Platform and Solutions for Restaurants
Cloud industry leader Mark Symonds selected as Chief Executive Officer
SOUTHFIELD, Mich., March 3, 2015-- PeachWorks, formerly known as WhenToManage, the leading provider of cloud-based solutions for the restaurant management industry, today announced that it closed $4 million in Series A financing led by Allos Ventures, a Midwest-based early-stage venture capital firm. The deal also included participation from Huron River Ventures, Arsenal Venture Partners, and Invest Detroit.
PeachWorks will use the proceeds to scale up its sales and marketing capabilities and build out its suite of next-generation, cloud-based tools for restaurant management. The subscription-based cloud solution includes recipe and inventory management, Point of Sale (POS) analytics, and staff scheduling solutions for the restaurant, hospitality, specialty retail and food service markets.
In conjunction with the financing, cloud industry veteran Mark Symonds, former CEO of Plex Systems (Troy, Mich.), agreed to join the company as CEO. Symonds was appointed to a similar position in 2006 to grow a software-as-a-service enterprise and was instrumental in increasing revenue 10-fold and making it the undisputed leader in Cloud ERP for manufacturers.
PeachWorks’ founder, Jeff Schacher, will serve as chief product officer, focusing his restaurant technology expertise and entrepreneurial talents on expanding the company’s robust cloud-based platform of tools and applications for the restaurant industry. The company plans to announce the first of these tools, for the entire food service industry, very soon.
“As more and more restaurant establishments move their business operations to the cloud, PeachWorks has proven it’s the leader in creating compelling, easy-to-use solutions that are revolutionizing how restaurants and food service providers manage their businesses,” said Dov Rosenberg, director, Allos Ventures. “This company is building a unique platform of highly customizable applications that is extremely valuable to all of these businesses, from a small owner with a single location to large national chains like Panera, who is a customer.”
PeachWorks, formerly known as WhenToManage, is the leader in restaurant management solutions for the cloud, offering subscription-based solutions for POS intelligence, inventory management and employee scheduling, as well as customized deployments. PeachWorks is backed by investors including Allos Ventures (allosventures.com), Huron River Ventures (huronrivervc.com), Arsenal Ventures (arsenalvp.com), and Invest Detroit (investdetroit.com). For more information, please visit http://www.peachworks.com.
About Allos Ventures
Allos invests in early-stage technology companies in the Midwest, augmenting the capital provided by angel investors who have helped the companies reach a stage at which they are ready for their first institutional financing round. Allos’ principals believe in the benefits of a “hands-on” approach to venture capital investing, which allows the firm’s partner companies to leverage their business-building skills and resources, as well as those of the firm’s investors, many of whom are successful entrepreneurs.
About Huron River Ventures
Huron River Ventures is an early-stage venture fund that invests in exceptional companies developing disruptive technologies and business models in agriculture, energy, transportation and other sectors. We back great people with big ideas and pride ourselves on rolling up our sleeves to add value and help entrepreneurs to succeed.
About Arsenal Ventures
Arsenal Venture Partners is a multi-stage venture capital firm that focuses on the intersection of the Government, large corporations, and emerging technology companies. We partner with visionary entrepreneurs to build exceptional businesses in the enterprise, commerce/logistics, healthcare and resource efficiency sectors. We add value by fostering relationships from our unique network and experience working with the Department of Defense, United States Post Office, Fortune 500 Companies, Veterans Administration, among others. Arsenal Venture Partners’ core leadership team has been together for nearly fifteen years and has eighteen investment professionals across four offices throughout the United States.
About Invest Detroit
Invest Detroit is a leading source of private sector gap financing that utilizes a variety of funding tools through managed for-profit and non-profit targeted funds to support economic development opportunities in underserved communities primarily in the City of Detroit. For more information, visit investdetroit.com.
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