Payments & Money Transfer | Toronto, ON | Founded: 2011 | Employees: 250 | www.touchbistro.com
PHONE: (416) 363-5252 | LINKEDIN PROFILE | BLOOMBERG PROFILE | CRUNCHBASE PROFILE
Last updated December 10, 2018 | To download a PDF version, click here.
Company Overview
TouchBistro is a Toronto based company that offers TouchBistro POS, a mobile iPad – based point of sale for the restaurant industry. The platform comes included with a variety of business intelligence capabilities, such as Tableside Ordering, Reporting & Analytics and Inventory Management. The company has now expanded their offerings to loyalty programs.
Senior Management
Alex Barrotti: Founder and CEO (2011 – Present). Previously: Founder and CEO, INEX Corporation (1997 – 2000).
Geordie Konrad: Co-Founder & CTO (2010 - Present). Previously: Co – CEO & Co-Founder, Konrad Group (2005 – Present); Co-Owner, BrainStation (2014 – Present). Education: University of Toronto, BAsc.
Murray Thomas: CFO (2015 – Present). Previously: Finance Manager, Google (2014); CFO/COO, mDialog (2011 – 2014); ERP Project Sponsor, OANDA Canada Corp (2007 - 2011); CFO, Macquarie Financial Ltd (2004 – 2007). Education: University of Saskatchewan, B. Comm (1988).
History
After seeing the inefficiencies Alex Barrotti saw at a sushi restaurant in the Caribbean, coupled with the launch of the iPad, Alex envisioned a platform to take and enter orders.[1] However, as he found there was no point of sale software, he returned to Toronto and partnered with George Konrad, to create TouchBistro.
[1] https://blog.wepay.com/2018/04/17/qa-with-touchbistro-ceo-founder-alex-barrotti
Funding
TouchBistro currently has conducted 6 funding rounds raising over 105 Million dollars.[2] The latest funding came from a Series D round on June 14, 2018. The 2 organizations involved with the funding round consisted of JP Morgan Chase and OMERS Ventures.[3]
[2] https://www.crunchbase.com/organization/touchbistro#section-funding-rounds
[3] https://www.crunchbase.com/funding_round/touchbistro-series-d--594a7e54#section-lead-investors
Key Corporate Developments
Sep 13, 2018: TouchBistro Ranked the 24th Fastest Growing Company in Canada According to the Growth 500
May 24, 2018: TouchBistro Selected as One of the 2018 Best Places to Work
March 6, 2018: Toronto restaurant – software startup TouchBistro scores key US deal with JPMorgan Chase
Business Highlights
Strategy
The TouchBistro platform is offered by a one-time initial setup fee and recurring monthly payments depending on the type of software license. Hardware can be purchased from TouchBistro at a payment plan starting at $ 47/ Month. However, compatible Apple devices and accessories can be used with the TouchBistro software.
The company also offers a loyalty program, powered by ReUp. The platform offers gift card program with reporting and analytics to create a personalized customer experience.
Products/Pricing
The following licensing plans are as follows. All plans are billed annually.
- Solo - $69/Month. With one License, allows you to perform all point of sale functions within one iPad.
- Dual - $129/Month. 2 Licenses allows for 2 iPads to be used for the POS Services. Allows one stationary and mobile service within a venue.
- Team - $249/Month. With up to 5 licenses, one has greater flexibility in using TouchBistro as a POS platform.
- Unlimited - $399/Month. An unlimited license allows a venue to add iPads as the business grows and offers the greatest flexibility in POS Solutions.
Technology
TouchBistro is operated on the iOS Platform, coded using the Swift programming language. The platform runs on the Apple platform, which can consist of the iPad, Mac Mini, Mac Pro. The hardware can be then connected to Thermal/ Impact Printers, which would display the total order purchase as a receipt. TouchBistro is a combination of existing technology to provide an innovative solution. The loyalty platform is via the ReUp platform.
Distribution/Logistics
TouchBistro operates a sales team to promote the use of their platform to small businesses. The company also offers a free live tour and quotations available from the website. The Company also offers financing options through partnering with Thinking Capital to offer small business financing solutions with TouchBistro.
Marketing
TouchBistro operates a marketing platform on informative, educational and product related content pieces for TouchBistro in terms of blog posts, video scripts and landing page copy. Many aspects of the content marketing are centralized through Uberflip. The company additionally operates a social media platform consisting of Instagram, Linkedin, Facebook, Twitter, and Pinterest.
Competitors
While TouchBistro offers innovative POS Solutions in addition to loyalty programs, other companies provide similar offerings through different revenue models:
- Toast POS – (Boston, MA), all in one point of sale and restaurant management platform. The software starts at $79 a terminal.
- Lightspeed – (Montreal, QC), provides customers with software to build, manage and grow their e-commerce business. Their product starts at a monthly fee at $69 a month.
Corporate Profile Created By: Il Young Chung, Ivey HBA Candidate 2019