Leading Restaurant Management platform, MarginEdge announced that it has secured $4 million in additional funding in an oversubscribed round, signaling strong growth despite a reeling industry. Osage Venture Partners led the round with a new investment from Relish Works, the innovation hub for Gordon Food Service - the largest family-operated broadline food distributor in North America. Putting best-in-class tools and technology in the hands of restaurant operators is central to their mission - and among a rapidly growing field of restaurant tech, MarginEdge emerged as a clear leader. Relish Works sees this not only as a strong financial investment in a high growth software company, but as an opportunity to put the best-in-class features of MarginEdge in the hands of customers.
For the past six years, MarginEdge has provided smart technology to assist restaurants with financial and operations management. Founded and operated by restaurateurs, MarginEdge's leading technology eliminates unnecessary paperwork, increases efficiencies and streamlines back office operations. Through real-time data analysis, MarginEdge's platform allows restaurants to accurately look at up-to-the-minute costs, revenue streams, and other metrics to assist with growth-driven decision making. Today, MarginEdge services over 1,500 independent restaurant clients in 37 states.
"Our team is committed to investing in technology to help operators in this challenging environment. We see ourselves as a partner in their business and our success is only possible if the operators are successful. This investment and partnership is not only linked to our excitement for the MarginEdge product, but the impact we think it can have on our customers and the industry at large," said Rich Wolowski, CEO of Gordon Food Service.
Aside from the new addition of Relish Works, the round was composed completely of enthusiastic repeat investors, bringing MarginEdge's funding to date to over $15 million.
As a testament to their product and impact, MarginEdge has recovered to pre-pandemic growth. With over 1,500 clients, well over 2 million invoices processed and $2.5 billion in annual sales from their clients, MarginEdge continues to make their mark in the restaurant tech space.
"As restaurant owners ourselves we viscerally understand the pain of the Covid pandemic. Putting real-time data in the hands of operators has always been important, and central to what we do. Now more than ever restaurants are looking for ways to plan, implement and measure changes in their businesses in the moment, not two weeks after the period ends. From understanding food costs with changing supply chain dynamics, to measuring menu costs and new customer preferences, daily - we help our clients do more with less, which is unfortunately what most in our industry are faced with right now. I feel excited for our future and deeply grateful that our service can be a part of the rebuilding," says Bo Davis, MarginEdge CEO and founder.
The additional investment will be used for accelerated product development and investment in continued growth and expansion.
About MarginEdge
MarginEdge's mission is to create a world where restaurateurs 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, allowing restaurants to focus more on culinary offerings and guest experiences. Based in Fairfax, Va. and 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.
