Dive Brief:

• MarginEdge has secured $45 million in Series C funding led by Ten Coves Capital with participation from Fiserv, Derive Ventures and all previous institutional investors, according to a press release.
• The latest investment more than doubles the restaurant management and bill payment platform’s funding to over $70 million. 
• The company plans to use the new capital to grow its team and expand the functionality of its core products.

Dive Insight:

This latest funding round is MarginEdge’s largest to date and could provide a boon to the business during a time when investments in restaurant technology have slowed significantly. During the second quarter, funding was down 21.5% compared to the prior year, Business Insider reports. Last year, the company secured $18 million in Series B funding, according to Crunchbase.  

MarginEdge offers clients invoice processing, inventory management, recipe analysis, budgeting, performance tracking and supplier bill payment capabilities. Analysis of operator data has become increasingly important to restaurant success, as it can improve efficiency. This strategic decision making is especially crucial because increased costs and supplier shortages are pinching restaurants. MarginEdge said its real-time data and insights can reduce restaurant costs and free up their time.

With its new capital, MarginEdge plans to add more real-time reporting capabilities, add new features to its mobile app and build out its payment network, according to TechCrunch. The company is integrated with 50 point-of-sales and accounting systems, including Gordon Food Service, 7shifts and SpotOn.

The tech company works with over 4,000 restaurants across the U.S. and Canada and processes $3 billion in annual invoices. CEO Bo Davis told TechCrunch he plans to reach 15,000 restaurants by 2024.