Owner announced it is raising $120 million in Series C at a $1 billion valuation. The company aims to create a “Shopify” for local businesses, starting with restaurants. Alex Kurland of Meritech and Shalini Rao of Headline co-led the funding round.
The funding happened very fast. Within 6 days of opening the data room to a small group of investors, there were 6 offers to lead the Series C. Other investors in this round included strategic founders Fidji Simo (Instacart), Brett (Cava), Dharmesh Shah (HubSpot), Christina Cacioppo (Vanta), and Jonathan Neman (SweetGreen).
Owner helps restaurants increase online search visibility. And the company also helps with AI-based website creation and automated marketing tools.
Guests on Owner websites are more than 2 times as likely to place an order. And restaurants on the Owner platform grow their traffic by 30% on average within 30 days.
Local brick-and-mortar business owners have been defeated by large corporations, and technology has been weaponized to crush and replace them. Owner has become a proven system that drives profitable, direct sales.
Owner’s founding product insight is that local business owners do not need another software tool to figure out. They need a system that produces the outcome they’re after: growing sales profitably. This is why the Owner product is extremely opinionated.
The universal and standardized web templates enable Owner to run thousands of split-tests every single day. And Owner’s websites convert 100% more visitors into customers, on average. Plus, the average Owner customer grows their direct online revenue more than 30% in the first year, and every year after that. This is why Owner is the fastest-growing company in restaurant tech.
Over 1,000 customers have switched to Owner from competing products. And they switched because they were looking for profitable sales growth, but the competitors didn’t provide it. Owner does.
Owner integrates with Toast, Square, and Clover. Hundreds of Owner’s customers use these systems in addition to Owner.
