Irish restaurant software company raises $7m to expand in North America
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Founded by Irish siblings Niall and Suzanne Keane in 2011, SynergySuite hopes the raise will help it expand after the pandemic.
SynergySuite, a restaurant management software company, has raised $7m in equity and debt led by its new investment partner Lago.
Existing investors First Analysis and Oyster Capital also contributed to the raise.
Founded in 2011 by Irish siblings Niall and Suzanne Keane, SynergySuite develops software to help restaurants manage tasks such as inventory, recipe management, scheduling, HR and accounting.
The company, which has offices in Dublin and Utah, claims its mobile-first software helps global brands save up to 6pc in management costs.
It counts among its clients fast food giant KFC, Eddie Rocket’s and Wowburger as well as beverage companies Bewley’s and Brewdog.
Lago is an investment company that supports founders of high-growth disruptive companies through credit facilities and equity co-investments.
It typically provides between $3m and $30m in capital to fuel the growth of companies in sectors such as software, e-commerce, food and beverage, gaming and health.
Co-founder Heather La Freniere said: “Lago focuses on companies who are innovative and disruptive in their industries, and we see SynergySuite changing the enterprise restaurant market with technology that transforms the way operations are run.”
Private equity firm Oyster Capital, owned by Irish tech investor Bill McCabe, previously took part in a $6m fundraise for SynergySuite in 2019. This Series A round was led by US venture capital firm First Analysis.
The latest raise will help SynergySuite strengthen its position in the global market as the post-pandemic re-opening creates opportunities for the hospitality industry.
Eric Sailsbery, CFO of SynergySuite, said that the investment enables the company to further expand in the North American market and innovate in its offerings for multi-unit restaurants.
“We’re honoured Lago understands our position in this market and saw how our unique technology serves their portfolio,” he said.