The top-funded startup in Rhode Island is adding a new investor to its collection of supporters. Upserve announced today that Vista Equity Partners has made an undisclosed investment in the restaurant analytics software company, which has already secured $40.5 million in funding from big-name backers (including LinkedIn co-founder Reid Hoffman).
In an interview with BostInno, founder and CEO of Upserve Angus Davis declined to disclose the amount of the capital investment. “We thought it’s more relevant to talk about the specifics of our customer growth,” Davis said, later adding that the Upserve’s platform includes more than $11 billion in annual transaction volume.
According to its website, Vista Equity Partners an investment firm with over $30 billion in cumulative capital commitments. The firm, which has multiple offices in Austin, Chicago, San Francisco and Oakland was joined in this investment by other Upserve investors, including the very first one – First Round Capital – and one of the most recent ones, Pritzker Group Venture Capital.
Last time we spoke with Davis, he declined to provide revenue numbers. This time, he commented that Upserve is looking to scale the business “from mid-eight figures of revenue today, to nine figures of revenue.”
“As we think about that next phase of growth, we wanted to find a firm that can not only provide the capital, but also the expertise, the experience and the relationships to go to that next chapter of growth for the company,” Davis said. “And this equity partner is really the best in class at helping companies go through that particular scaling challenge.”
Asked how the company is going to use the investment, Davis said they will continue investing in building the product capabilities, looking at M&A opportunities and growing the size of the team. A number of new hiring offers will be made specifically at the Providence headquarters, which already hosts around two-thirds of Upserve employees.
Last year, Upserve completed the acquisition of Breadcrumb point-of-sale business from Groupon. Less than a month ago, the company partnered with another Chicago-based company, Grubhub, to make online ordering faster and easier.