MarginEdge, a restaurant management and bill payment platform, has successfully raided $45 million in a Series C funding round that was led by Ten Coves Capital with participation from Fiserv, Derive Ventures and all of the company’s previous institutional investors.
Bo Davis, co-founder and CEO of MarginEdge said that “restaurant operators are a resilient and resourceful bunch and pushed through the adversity of the last few years with a commitment to their craft, their teams and the guests they serve — but also with a recognition that this new normal requires new tools”, according to TechCrunch.
Per the report, MarginEdge grew its revenue 100% and is now working with 4,000 customers and processing 80,000 invoices per week this year alone while nearly doubling it’s team to around 700 employees, and Davis says that it represents $2.5 billion in purchasing.
“We’ve seen the pain points and complexities around managing inventory and expenses, only made worse with unpredictable supply chains and skyrocketing food costs,” Ned May, co-founder and managing partner of Ten Coves Capital said. “Further, with strong cloud point-of-sale adoption in recent years, many restaurants have shifted their focus to streamlining back-of-house operations. MarginEdge’s restaurant management platform is purpose built to serve these needs and, as such, is poised for incredible growth.”