Cloud-based Restaurant365 hits unicorn status after $135 million funding round

(Reuters) – U.S. cloud-based restaurant manager Restaurant365 has turned a ‘unicorn’ after a $135 million funding round, the company said on Friday.

The new round of funding was co-led by global investment firms KKR & Co Inc and L Catterton along with current investors, including ICONIQ Growth and Besemer Venture Parteners, the California-based company said.

Start-up funding space, which is reeling from liquidity crunch since last year, has started to see some signs of relief. Earlier in the week, Reuters reported that U.S. property insurer SageSure achieved an unicorn status after closing a $250-million funding round.

“L Catterton has deep experience investing in world-class restaurant brands globally,” says Ian Friedman, Partner at L Catterton who will join Restaurant365’s board.

Restaurant365’s peer CAVA Group Inc has also filed for U.S. IPO without disclosing the size of the listing.

“The primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry,” the company said.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shweta Agarwal)

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