ResTech Startup Sunday Secures $ 100 Million Funding
On Wednesday September 22, the London-based restaurant payment solutions start-up announced that it had generated $ 100 million in Series A equity. Coatue, along with partners from DST Global and several other investors in the industry. hospitality, catering, hospitality and technology, led the final round, according to an emailed statement on Sunday.
The funds will be used to accelerate growth, in part by doubling its workforce over the next year, according to the company. In addition, Sunday intends to expand its geographic presence and recruitment in Europe and North America, integrate 100 point of sale (POS) systems by the end of 2022 and add 15,000 restaurants by the end of next year. .
The 5-month-old company decided to change the way customers pay in restaurants by introducing its QR-based payment offering. With its latest round of funding – the second since its creation – Sunday plans to extend its offer to the mass market.
âThis new round of investment is a remarkable opportunity for Sunday to build a powerful technology stack and develop new product features such as ordering and loyalty programs,â said Christine de Wendel, co-founder and CEO of United States to Sunday.
In an effort to simplify the process of paying restaurant customers’ bills, Sunday designed a payment system that has been launched to date in over 1,500 restaurants, representing an annual transaction volume of over $ 1 billion. dollars. As of today, Sunday has 1.1 million users. Since the company’s founding, Sunday has expanded its workforce with the hiring of 170 employees in the United States, United Kingdom, Spain, France and Canada, according to the press release.
Sunday isn’t the only catering technology provider on the cusp of growth. Service point provider Toast priced its initial public offering (IPO) above the range at $ 40 per share, taking the platform’s estimated valuation to $ 20 billion, as reported by reported PYMNTS. The IPO follows the 125% increase in the company’s gross payments volume in the second quarter of this year.
Read More: ResTech POS Startup Toast Valuates Shares At $ 40 Each For A $ 20 Billion Valuation