Big banks invest $120 million in TouchBistro's restaurant tech
TouchBistro, an iPad-based restaurant order-and-payment system, has reaped $120 million in a new funding round led by Canadian pension fund Omers, with JPMorgan Chase, Barclays, BMO Capital Partners also participating, the company announced this week.
The funding round is the company’s largest to date, bringing total investment funds since the company’s launch in 2010 to about $224 million.
Toronto-based TouchBistro, which has extended its mobile POS system to 16,000 restaurants in 100 countries, plans to use the new funds for further product development, acquisitions, expansion into new markets and adding personnel.
Chase joined with Omers in a $72 million funding round for TouchBistro last year.
TouchBistro, which has a heavy presence in new restaurants in Toronto, recently reached an agreement with Barclaycard to simplify payments processing for its restaurant clients in the U.K., and last year it made a similar arrangement with Chase’s WePay unit to streamline processing for its U.S. restaurants, the company said.
“We have teamed up with some of the largest financial institutions in key markets around the world to provide our customers with enriched payment services and easier access to financial services,” Alex Barrotti, TouchBistro’s founder and CEO, said in a news release.