MarginEdge Secures $80 Million in Series D Funding
MarginEdge, a company based in Arlington, Virginia, that provides restaurant management software, has announced the closing of an $80 million Series D funding round. The round was led by Schooner Capital and Ten Coves Capital, with participation from Osage Venture Partners, Derive Ventures, and Western Alliance Bank.
Company Overview
MarginEdge offers software solutions designed to give restaurant operators real-time insights into their food costs while automating back-office operations. By streamlining processes such as purchasing, inventory management, and accounting, the platform helps restaurant owners focus more on hospitality and customer service.
Leadership and Vision
Bo Davis, Co-Founder and CEO of MarginEdge, emphasized the company's commitment to enhancing the restaurant experience by reducing the time operators spend on administrative tasks. "Hospitality starts with people. Our job is to build technology that gives operators more time to focus on their guests," Davis stated.
Use of Funds
The newly acquired funds will be used to expand MarginEdge's capabilities in artificial intelligence, further developing technology that helps restaurant operators run more efficient and profitable establishments. This investment will enable the company to leverage its extensive database of restaurant operations data to offer improved AI-driven solutions.
Investor Confidence
The involvement of long-standing investors such as Schooner Capital and Ten Coves Capital highlights continued confidence in MarginEdge's growth trajectory and its potential to transform restaurant management through technology.
With these new resources, MarginEdge aims to enhance its platform, providing more robust tools for the over 13,000 restaurants that currently use its software. The company has processed more than 40 million invoices, representing approximately $28 billion in purchasing volume, underscoring its significant impact on the industry.