OMERS Growth Equity Leads C$158 Million Funding for TouchBistro
TORONTO – September 18, 2019 – OMERS Growth Equity is proud to announce that it has successfully led a C$158 million Series E funding for TouchBistro, a leading global restaurant technology solution provider, with an $85 million investment. This Series E funding includes participation from Barclays Bank, RBC Ventures and BMO Capital Partners. Existing investors, including OMERS Ventures, Kensington Capital Partners, BDC IT Venture Fund, Napier Park Financial Partners, Recruit Holdings and JPMorgan Chase, also participated.
In 2018, OMERS Ventures made an initial investment in TouchBistro. Today’s announcement increases OMERS stake in the company, reflecting OMERS belief in TouchBistro’s strong fundamentals and growth prospects. It also demonstrates OMERS ability to invest through every stage of a company’s development, from early stage venture to majority control buyouts.
Founded in 2010, TouchBistro pioneered the transformation of the restaurant industry through its award-winning iPad point of sale (POS) system. TouchBistro has since offered a suite of technology solutions that allow restaurant owners to save time on routine tasks, acquire new business and simplify their finances. Present in more than 16,000 restaurants in over 100 countries, TouchBistro is a global leader in the rapidly evolving restaurant industry.
“This is a fabulous opportunity to partner with TouchBistro as it continues supporting its restaurant partners with innovative and market-leading software products,” said Mark Shulgan, Managing Director and Head of Growth Equity at OMERS. “The restaurant industry is a large market and can realize significant improvements in efficiency and profitability by adopting technology like TouchBistro’s,” he added. TouchBistro is the number one grossing iPad POS app in 37 countries and has processed more than US$11 billion in annual payments through its payments platform. “We are excited to build on OMERS strong relationship with TouchBistro, and look forward to supporting Alex Barrotti and his team,” said Mr. Shulgan.
“We are impressed with the tremendous growth that TouchBistro has achieved to date and believe that it is at the early stages of attaining a much larger share of the global restaurant technology market,” said Mark Redman, Executive Vice President and Global Head of OMERS Private Equity. “OMERS has been partnering with software businesses for over 20 years, with a long history of investing in innovative companies, including Shopify, Constellation Software, Inmar, Civica, Logibec, Rover and League. This investment demonstrates a long-term commitment to support exceptional companies through all stages of development,” Mr. Redman added.
The new funds will be used to support further product development, acquisitions and expansion in existing and new markets, and to increase the size of the team over the next year.
About OMERS and OMERS Growth Equity
Founded in 1962, OMERS is one of Canada’s largest defined benefit pension plans, with more than C$97 billion in net assets, as at December 31, 2018. OMERS invests and administers pensions for more than half a million members through originating and managing a diversified portfolio of investments in public markets, private equity, infrastructure and real estate.
OMERS Growth Equity invests in high-growth companies backed by exceptional teams. OMERS Growth Equity is a long-term investor, focused on supporting companies to pursue all types of growth opportunities. These growth opportunities could include scaling operations, making acquisitions, expanding product lines, or entering new markets. To learn more, visit: www.omersprivateequity.com/GrowthEquity
TouchBistro is an iPad POS built for restaurant people, by restaurant people – with every feature designed to meet the unique needs and fast pace of the foodservice industry. TouchBistro has powered over 16,000 restaurants in more than 100 countries and helps restaurateurs run better businesses and makes managing a restaurant easier. TouchBistro offers in-depth training and free 24/7 technical support provided by POS specialists who have also worked in the restaurant industry. With offices in Toronto, New York, Chicago, Los Angeles, London, and Mexico City, TouchBistro is a global POS leader and is changing the way restaurateurs worldwide run their businesses.