(Photo by Pixabay user nattanan23, used under a Creative Commons license)
Fairfax, Virginia-based MarginEdge, a startup that manages a digital platform for restaurants, has announced a $5 million Series A funding round led by Osage Ventures.
The funding round also secured participation from Good Company Holdings, a New York City-based hospitality company.
Founded in 2015, the MarginEdge platform lets restaurant operators eliminate paperwork and streamline the flow of operational data. This Series A brings the company’s total funding raise to $10.4 million, and MarginEdge also recently signed on its 1,000th restaurant as a customer, now serving clients across 35 states, according to a press release.
The company said it intends to use this Series A funding round to further develop its platform, gain new partners and expand more geographically.
“As a restaurant owner for 15 years myself I am well aware of how most software built to ‘help’ our industry causes as many headaches as it solves,” Bo Davis, CEO of MarginEdge, said in a statement. “Myself and fellow restaurant owners came together with a ground-up approach to back-office operations that focuses on removing headaches and providing just in time results.”
Some of MarginEdge’s previous investors include Greg Casten, founder of Ivy City Smokehouse, Tim Lydon, owner and CEO of Profish, Bo Davis, founder of Wasabi, Osage Venture Partners and Irish Angels.
Javier Retamar, CFO of Southern restaurant chain Maple Street Biscuit, said MarginEdge’s platform has allowed his team to scale from being an accounting department to being more of a finance department.
“Now, it’s not just about inputting things after the fact,” Retamar said in a statement. “We have the time and tools to analyze.”-30-
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