Presto Raises $30M Growth Financing led by Recruit Holdings and Romulus Capital

Capital to be used to rapidly scale the Presto enterprise platform

REDWOOD CITY, Calif.–(BUSINESS WIRE)–Presto, the leading enterprise front-office software platform for the
$900B hospitality industry, today announced $30M in growth funding led
by Recruit Holdings and Romulus Capital with participation from I2BF
Global Ventures, EG Capital and Brainchild Holdings.

Presto provides a cutting-edge technology suite to top foodservice and
hospitality chains that expands operating profits by speeding consumer
experiences and improving labor productivity. With national unemployment
rates at record lows, restaurants struggle to retain and afford workers
who have many options like Lyft or Instacart, and also are challenged to
eliminate key friction points in their consumer experiences.

The funding will be invested directly into growth of the Presto
platform, which currently includes:

  • Presto Wearable for instant notification of real-time guest concerns
    or operational issues. It saves time for the staff and speeds up the
    experience for consumers.
  • Presto A.I. leverages machine learning to accurately forecast labor
    staffing requirements so restaurants are not over or under-staffed on
    any given shift. PrestoPrime Tabletop allows guests to order and pay
    from their seats without waiting as well as access games and other
    entertainment content.

“Restaurants serve billions of consumers and are a critical part of our
economy, and yet have typically been underserved by world-class
technology,” said Rajat Suri, Founder and CEO of Presto. “Less than 1%
of restaurants globally currently use technology to optimize their
front-office. These funds will be leveraged to support our rapid growth,
and expand our products and services to our partners in the restaurant
industry.”

Both IoT and A.I. have been taking brick-and-mortar industries by storm
recently as the industry looks to compete with the speed and convenience
of e-commerce. McDonald’s has announced a rollout of their own
self-service kiosk products that boost average checks by as much as 15
percent or more. Amazon Go and its clones have created a brand new
frictionless checkout experience. And Applebee’s rolled out PrestoPrime
Tabletop devices that allow guests to order, pay and entertain
themselves at the table without having to wait.

“The brick-and-mortar industry is truly a massive one, with massive
problems, and we are thrilled to begin a new relationship with Presto
who is tackling these problems,” commented Mizuho Hiraguri, VP of
Corporate Development at Recruit Co., Ltd., the largest service provider
to local businesses in Japan, an operating company of Recruit Holdings
which is also owners of Indeed and Glassdoor in the US. “The shortage of
labor in developed countries is already acute, and will only get worse.
Presto will help address this problem with its world-class technology.”

About Presto

Founded in 2008 out of MIT and now based in Silicon Valley, Presto is
dramatically transforming an age-old industry with its enterprise
front-office technology platform. In addition to tabletop PrestoPrime
EMV terminals, the leading guest order and payment solution, the Presto
platform includes cutting-edge server handheld assistants, wearable
devices for real-time alerts and Presto artificial intelligence (A.I.)
products. Presto’s comprehensive FOH platform helps restaurants succeed
by delivering critical operating insights, maximizing staff productivity
and improving the guest experience. Presto works with 10 out of the top
20 restaurant chains in the U.S. To learn more, visit www.presto.com.

Contacts

Media:
Quinn Kelsey/Taylor Fuller, ICR
[email protected]
203-682-8200

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