InKind received $320 million from Liberty Mututal Investments.Courtesy of InKind
It has generally been a tough few years for restaurant tech companies looking to raise money. But the funding faucet has not run entirely dry
In July, InKind added another nine-figure investment, while a pair of “AI concierge” providers also raised money
Still, challenges remain, as evidenced by TouchBistro’s sale for just a fraction of its onetime valuation
Get caught up on all that and more, below
InKind gets backing from the insurance world
Liberty Mutual Investments, the insurance company’s investment arm, is providing $320 million in strategic financing to InKind, a tech company that provides funding for restaurants and dining perks for customers
The infusion is intended to support growth for both InKind and the broader restaurant industry
It follows a $450 million funding round for InKind in February that will help it expand from 6,000 restaurants to 16,000
Founded in 2014, InKind has a unique two-sided business model. It provides restaurants with upfront, debt-free capital in exchange for dining credits, which it sells to customers through the InKind app. When a customer dines at an InKind restaurant, they can earn up to 25% cash back in credits to spend at other restaurants in the network
InKind is now used by more than 7,700 restaurants and 4 million consumers nationwide
Qu launches payments
Qu, a POS provider for large quick-service chains, is adding end-to-end payments to its platform
The company said this will allow restaurants to identify customers who were previously anonymous because payment processing is typically disconnected from the rest of the tech stack. Qu Pay will tie payment information with the order, location, and ordering channel to create a more complete picture of each transaction
Qu Pay will also offer restaurants access to capital. And it will have lower processing costs due to “intelligent transaction routing.”
The system is live now in restaurants including Roy Rogers
TouchBistro is sold
The respected Toronto-based POS company was sold to Harris Computer, a software giant known for making acquisitions
The pricewas reportedly $100 million, a steep fall for a company once valued at $650 million. It is part of a trend ofshrinking valuations in the restaurant tech market
TouchBistro is used by more than 16,000 restaurants in more than 100 countries, including the U.S. Harris said it plans to continue growing the business
SevenRooms integrates DoorDash data
The DoorDash-owned reservations system now allows restaurants to tie DoorDash and Deliveroo customer profiles to in-person bookings, even if that person has never visited the restaurant before. It said this will give operators more insights into both new and returning customers
The tool, called Global Guest Search, was part of an array of new features unveiled by SevenRooms in July, including voice AI for reservations, a redesigned first-party booking experience, and new ways to manage and fill inventory
‘AI concierges’ receive funding
Two startups offering AI concierge services for restaurants raised money in July
Hostie closed a $12 million Series A round led by Obvious Ventures, with contributions from several restaurant operators. Hostie offers an AI voice system that can handle reservations and event bookings over the phone as well as a chatbot that can respond to customer texts and emails in the restaurant’s tone of voice
Heytruffle, formerly known as RestoHost, raised an undisclosed amount from Preface Ventures. Heytruffle’s AI phone system can take reservations and catering orders and recently added order-taking for pickup and delivery as well. Each Heytruffle concierge is tailored to the individual restaurant’s brand and menu
