SynergySuite Closes $6 Million Series A Led by First Analysis
Utah-based restaurant management platform invests in sales, marketing and expanded U.S. presence, names new CEO
LEHI, Utah, July 10, 2019-- SynergySuite, the leading all-in-one, cloud-based restaurant management platform, announced $6 million in Series A funding to accelerate growth in the U.S. market and continue product innovation, and named Greg Staley as CEO. The financing round was led by First Analysis, a Chicago-based venture capital firm, with participation from Irish private equity firm Oyster Capital.
"Restaurants are dealing with an increasing number of challenges to profitability, and SynergySuite is well positioned to answer the needs of restaurant operations teams," said Jim Macdonald, managing director at First Analysis. "Our investment in SynergySuite is rooted in our confidence that they are well positioned to disrupt this industry, providing restaurants with the visibility and automation they need to optimize operations."
With the new funding, SynergySuite will drive continued customer growth by expanding sales, marketing, implementation and client success. SynergySuite's powerful back-of-house platform has experienced exponential growth in the last two years by giving restaurants the tools they need to see what's happening in every location and optimize food and labor costs.
In conjunction with the financing, Greg Staley was named CEO. Staley previously held the position of chief revenue officer. A veteran sales and marketing leader with deep SaaS experience, Staley's focus will be on building SynergySuite's position in the marketplace, and ensuring the product continues to respond to the challenges enterprise restaurants face.
"This funding will allow us to continue growing the best purpose-built back-of-house platform on the market. Restaurants are selecting SynergySuite because we offer the most comprehensive and powerful restaurant management product, paired with a world-class support team, and I'm looking forward to continuing our success," Staley said.
SynergySuite co-founder Niall Keane will serve as chairman and chief strategy officer, where he will guide continued product development aligned with the company's technology roadmap.
"SynergySuite was founded because I saw first-hand how frustrating it was to manage restaurant operations with piecemeal technology solutions. I'm excited to focus on continuing to build an innovative system that makes it easier for restaurant brands to be successful and profitable," Keane said.
SynergySuite helps multi-unit restaurants simplify operations and increase profitability with an easy-to-use restaurant management software. Businesses have the insights and tools they need to run the back office—all in one place with SynergySuite. Global brands trust SynergySuite's mobile first software with inventory, purchasing, recipe costing, food safety, scheduling, cash management, human resources and business intelligence. Learn more at synergysuite.com.
About First Analysis
First Analysis is a leading venture capital investor, having invested more than $780 million over four decades. With its integrative research process, it aims to invest in the best, established rapid-growth companies in the targeted sectors where it is an acknowledged expert. The integrative research process combines 1) dynamic investment research on thousands of publicly traded and privately held companies with 2) thousands of relationships among executives, investors, and other key participants in its focus areas, yielding a deep, comprehensive understanding of each sector's near-term and long-term potential. It helps companies become profitable leaders in large markets, funding growth plans, working closely with management in areas including strategy, recruitment, sales and marketing, and corporate development, and typically investing $3-10 million as lead investor or as a syndicate partner who brings valuable perspective.
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