Restaurant software platform developer MarginEdge has reportedly managed to raise $5 million in Series A funding round led by Osage Venture Partners along with In Good Company. According to reliable sources, this will bring MarginEdge’s total funding to $10.4 million since its establishment in 2015.
The additional investment will evidently aid MarginEdge in its quest to bring additional innovative features to its platform, make new alliances and help it expand geographically.
Records confirm that the company processes up to 20,000 invoices per week and raises around $2 billion per year in sales by, which equals close to $700 million of purchasing data annually.
MarginEdge CEO Bo Davis, who has over 15 years of experience as a restaurant owner, remarked that software platforms designed to ease operations at times can present as many challenges as it overcomes.
Davis along with other restaurant owners had reportedly worked together to propose a ground-up approach to handle back-office operations that essentially focuses on eliminating challenges and producing just-in-time results.
The group is thrilled to see the MarginEdge platform gaining momentum across various outlets with numerous clients investing in the firm and registering an annual customer retention rate of 94%.
Jeff Brosi, founder and managing partner, IGC Hospitality, mentioned in a statement that the company recognized MarginEdge’s efficieny in solving back office challenges.
MarginEdge evidently uses its platform to eliminate most of the paperwork for restaurants and provides additional control over budgets, inventory, and recipes.
For the record, In Good Company is a hospitality company based in New York which runs over a dozen restaurants and has more than 100 years of experience in the industry.
MarginEdge’s platform has seemingly offered Maple Street Biscuits time and tools to analyze operations and budgets. This evidently enabled the US-based restaurant to upgrade itself from an accounting department to a financial department.
Cracker Barrel had recently acquired Maple Street Biscuits for $36 million. MarginEdge had also reportedly signed on its 1,000th restaurant as a client and currently operates in 35 states in US.
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