May 13, 02:18 PM

Restaurant Tech Startup Owner Raises $120M Series C, Valued at $1B with AI Tools

Owner, a restaurant technology startup, has secured $120 million in a Series C funding round, achieving a $1 billion valuation. The round was co-led by Meritech Capital and Headline VC, with participation from several other investors. The company, which provides AI-powered tools for website building, marketing, and other services to restaurants, has seen its annual recurring revenue reach approximately $40 million, growing at a rate of 10% month-over-month. The funding round closed in less than two weeks, with five term sheets at over $1 billion valuation. Adam Guild, the co-founder and CEO of Owner, has been pivotal in driving the company's growth. A high school dropout and an OG Z Fellow, Guild's vision is to empower local restaurant owners to compete with larger corporations by providing them with advanced technological solutions. The company's platform includes tools for SEO, checkout conversion, and marketing, aiming to help restaurants increase their online sales and reduce dependency on third-party services. Guild has been described as an 'insane machine of a founder' and 'once-in-a-lifetime' leader, with investors backing him since 2019 as his first believer.

#Owner #Meritech Capital #Headline VC #Adam Guild #Guild

Written with ChatGPT .