Bite, a leading provider of kiosk technology for the catering sector, has successfully raised $9 million in a Series A funding endeavour.
The funding initiative was led by Staley Capital and received backing from Graham Partners, Food-X, One Way Ventures, and Tamarisc Ventures.
This financial injection is earmarked for bolstering the company’s expansion and enhancing its digital ordering systems deployed in fast casual dining and quick-service eateries.
Bite’s self-service kiosk software, known for its customisability and user-friendliness, ensures smooth integration with current technological setups.
The company’s solutions are designed to elevate order precision, enhance service speed, and boost customer satisfaction.
Currently, Bite’s platform is revolutionising operations at 1,100 dining locations, driving labour efficiencies and customisation, which has resulted in a notable 20% increase in average bill sizes.
Brandon Barton, CEO of Bite, shared his insights on the current industry challenges: “The restaurant industry is facing a very challenging environment, struggling to generate profits in the midst of an unprecedented labour shortage, rising minimum wages and cost inflation.”
“Bite’s self-service kiosk software gives restaurants the tools to succeed in this environment, by leveraging our technology for tasks that can be digitised and re-allocating labour to higher priority responsibilities, including greeting guests, preparing food and managing the handoff of completed orders.”
Renny Smith, Managing Partner at Staley Capital, highlighted the transformative potential of Bite’s technology: “Bite’s technology platform is a game changer for restaurants who are looking for ways to offset the significant cost pressures on their business while elevating the in-restaurant experience in a way that engages guests more favourably and increases check sizes.”
“Our focus is on partnering with growth-stage B2B [business-to-business] technology companies that provide better, faster, cheaper solutions with compelling value propositions, and Bite delivers on that in meaningful ways, allowing restaurants to work smarter and faster in servicing their guests.”
Bite is set to channel the funds towards extending its market presence, targeting major restaurant chains, up-and-coming fast casual brands, and convenience stores.
Moreover, the company is committed to further developing its technological prowess, such as Bite Lift, an AI-driven mechanism that scrutinises each order in real-time to offer tailored upselling suggestions.
Bite Lift plays a pivotal role in promoting increased expenditure per order.
Barton further commented on the company’s strategy to address rising labour costs: “Coupled with our use of AI to personalise the ordering experience, we are also able to help offset increasing labour costs by driving higher average checks per order.”
“We are very appreciative of our investors who understand Bite’s differentiated offering and the value we provide to our restaurant partners.”