Led by Ten Coves Capital, funding will help the leading restaurant management and bill payment platform accelerate growth, expand its footprint and deepen its value-add to restaurants and suppliers alike
ARLINGTON, Va., Dec. 7, 2022 /PRNewswire/ -- MarginEdge, the leading restaurant management and bill payment platform, today announced it has raised a $45 million Series C investment led by Ten Coves Capital with participation from Fiserv, Derive Ventures, and all previous institutional investors. This funding, which more than doubles funding to date to over $70 million, not only validates MarginEdge's significant growth to date and market-leading solution, but also highlights the market's continued excitement for restaurant technology.
Founded and led by restaurateurs, MarginEdge is focused on simplifying the complex business of running a restaurant with a platform that offers market leading invoice processing, inventory management, recipe analysis, budgeting, performance tracking, and supplier bill payment capabilities. MarginEdge empowers better business decisions with real-time data and insights, drives meaningful cost efficiencies and gives essential time back to operators.
"When we first met the MarginEdge team, we were struck by the quality of the product and the team's deep expertise in restaurant operations," says Ned May, Co-Founder and Managing Partner of Ten Coves Capital. "They have already had a massive impact on thousands of restaurants with a powerful combination of best-in-class technology and a deep commitment to a culture of hospitality and service; and yet, there's still such an enormous opportunity before them. Our team is excited for the opportunity to further accelerate their mission."
With the new capital, MarginEdge plans to continue scaling the team and broadening the functionality of core product offerings to deepen its impact on the operators it serves.
"Our North Star has always been empowering operators with technology and real-time data to make more informed decisions and getting them back to doing the part of the job they love. In the current environment, and with everything the restaurant community has had to navigate these last few years, this mission has never been more important." says Bo Davis, CEO and Co-Founder of MarginEdge.
These strategic investments also represent excitement around MarginEdge's growing embedded payments and financial service offerings. MarginEdge is uniquely positioned to deliver value to restaurants and to the Company's rapidly growing network of suppliers.
MarginEdge is integrated with over 50 POS and accounting platforms and in 2022 alone, entered into strategic collaboration and integrations with powerful partners such as Intuit, Gordon Food Service, 7shifts, and SpotOn. "Partnering with other firms in our ecosystem is core to helping operators and critical to MarginEdge," said CEO Bo Davis.
MarginEdge has been recognized as one of America's Fastest Growing Companies on the 2022 Inc. 5000 Annual List and is also deeply proud of its people and culture, evidenced by its "Best Places to Work" designation by both the Washington Post and Washington Business Journal. Today, with a team of over 500 people, MarginEdge services over 4,000 restaurants in all 50 states and Canada and processes over $3 billion in annual invoices.
MarginEdge's mission is to create a world where restaurant operators can focus on the business they love. By using best-in-class technology to eliminate unproductive paperwork and streamline the flow of operational data, MarginEdge is reimagining the back office and freeing restaurants to spend more time on their culinary offerings and guest experiences. The platform offers market-leading invoice processing, inventory management, recipe analysis, budgeting, performance tracking and supplier bill payment capabilities. Founded by industry veterans, MarginEdge serves a diverse group of operators from single units and small chains to large franchise and hospitality groups, providing a high impact product that resonates across the hospitality industry. For more information visit marginedge.com.
About Ten Coves Capital
Ten Coves Capital backs high growth B2B software companies across the FinTech ecosystem where its capital, network, and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits (among other segments), the Ten Coves team has helped scale 40+ companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit tencoves.com.
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