POS-integration platform Omnivore Technologies announced today that it has raised $10 million in a Series A round. The round was led by The Coca-Cola Company and Performance Food Group with participation from Tampa Bay Lightning owner Jeff Vinik, as well as existing investors.
Omnivore’s two main offerings are its cloud-based API, which connects third-party technologies to a restaurant’s POS system, and its Marketplace, where restaurants can vet specific third-party services. Right now, the marketplace offers almost 50 different apps covering various aspects of running a restaurant — Resy for managing reservations and waitlist, TipReports for employee reporting software, and OrderOut which connects restaurants to third-party delivery services.
For many restaurants nowadays, the POS needs to be about much more than sales, as Omnivore’s marketplace offerings suggest. Businesses now have to manage ticket orders coming from multiple sources (e.g., in-house versus delivery service), understand the data from these disparate sources, and still keep a close eye on inventory and labor costs. As demand for a single system to manage all of these moving parts rises, many companies are stepping up to the challenge.
Toast offers a similar marketplace to Omnivore via its rapidly expanding Partner Network, which offers integrations with third-party digital tools. Square, too, unveiled a robust platform earlier this year, one that puts a lot of emphasis on managing the online ordering and delivery aspect of the restaurant business. Meanwhile, Epos Now is making a name for itself serving all-in-one tech to smaller businesses, and TouchBistro raised $70 million in June 2018.
Omnivore’s year included adding restaurant-intelligent software Yumpingo to its Marketplace, as well as partnering with Oracle for its hospitality-management platform Simphony. The Series A round brings Omnivore’s total funding to $10.5 million. The company says the new funds will go towards further product development.