ResQ plans to use the funding to hire additional employees. Here are the top-line bullets you need to know.
ResQ, an equipment repair and maintenance platform for restaurants, has raised $39M in a Series A. The round drew participation from Maple VC, Polar Venture Partners, Tiger Global Management, and LVL1 Group, among others.
HOW’S THE COMPANY PERFORMING?
- Canada-based ResQ enables restaurant operators to streamline repair/maintenance processes in order to reduce expenses and drive revenue growth. It has helped restaurant operators reduce annual maintenance costs by 20% and attain an additional $9B in sales revenue.
- The company has reportedly catered to more than 4,000 restaurant groups, including Taco Bell, Pizza Hut, The Keg, Paramount, and Tim Hortons. Its US customers are distributed across 36 states.
- In the last 4 months, the company has increased its contractor base by 400%.
- It reported 750% revenue growth in June 2021.
WHY DOES THE MARKET MATTER?
- The global restaurant technology market is projected to grow at a CAGR of 14.2% and reach a value of $6.91B by 2028, according to Growth Market Reports.
- Restaurant operators are increasingly adopting cloud-based software in order to unify data from across all systems and streamline operations.