Restaurant app Ritual secures $54 mln in Series B funding

Toronto-based restaurant app Ritual Technologies Inc has raised about $53.8 million (US$43.5 million) in a Series B financing, according to a report by the Wall Street Journal. The round was led by U.S. venture capital firm Insight Venture Partners, the report said. The startup's other backers include Canadian venture capital firms Golden Venture Partners, Mantella Venture Partners and Mistral Venture Partners, as well as U.S. firm Greylock Partners, according to Crunchbase. Founded in 2014 by CEO Ray Reddy, Ritual offers a mobile order-and-pay platform that enables users to secure coffee and food orders quickly and easily. It will use the funds raised to add staff and further expand into the U.S. market.

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