Restaurant technology company Chowbus has secured $81m in fresh funding.
The round was led by Prysm Capital and Left Lane Capital, with additional backing from Dutchess, Fika, and Avid Bank.
Founded in 2016, Chowbus provides restaurants with point-of-sale (POS) systems, integrated marketing and AI-driven tools.
The capital injection comes as the company positions itself to move past its existing integrated POS and restaurant management system into a wider set of operational services.
These include accounting tools, insurance-related services, marketing support and supply ordering capabilities for restaurant operators.
The funding will be directed towards expanding its AI-based products for marketing, automated bookkeeping, and supply chain optimisation.
Chowbus also aims to shift from a pure software-as-a-service (SaaS) model towards a more comprehensive service offering designed to lower administrative and operational burdens for restaurant owners.
It will also use the funds to foray into the Canadian market.
Chowbus CEO Linxin Wen said: “Our journey has always been about technology, equality, and reinvention with purpose.
“The success of our first AI product, AI Digital Ads, has proven that we can help independent restaurants compete at a much higher level.
“We are now building the next-generation AI restaurant platform to support entrepreneurs, the backbone of our communities. This is the most exciting era for the restaurant industry since the move to cloud-based POS.”
Chowbus said it generates more than $120m in annual recurring revenue, a ninefold increase over four years, and handles $4bn in annualised transaction volume.
Commenting on the investment, Prysm Capital partner Kerry Wei said: “Linxin and the Chowbus team have shown exceptional execution, transforming the business into a scaled, mission-critical platform for restaurants.
“With strong recurring revenue, expanding transaction volume, and a strategic move into AI-driven services, Chowbus is at a clear inflection point.
“We’re proud to partner with the Chowbus team as they build the next-generation AI platform that empowers operators to compete and grow in an increasingly complex market.”
“Chowbus raises $81m to broaden AI-driven services for restaurants” was originally created and published by Verdict Food Service, a GlobalData owned brand.
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