TouchBistro nets $16.3 mln in Napier Park, Recruit-led Series C

TouchBistro Inc, a Toronto-based iPad point-of-sale app for restaurants, has secured $16.3 million in a Series C financing, bringing its total funding to date to $45.3 million. The Series C was led by U.S.-based Napier Park Financial Partners and Japan's Recruit Group. They were joined by BDC IT Venture Fund, Relay Ventures, Kensington Capital Partners and other existing investors. With the deal, Napier Park's Daniel Kittredge will join the board. TouchBistro reports growing its recurring monthly revenue by 150 percent in the past year, and deploying more than 15,000 iPads in over 9,000 restaurants. It will use the funds raised to enhance its technology and expand in global markets.

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