Operations
7Shifts raises $80M in funding round
February 10, 2022
7shifts, a team management platform for restaurants, has raised $80 million in Series C funding led by SoftBank Vision Fund 2. The round also includes participation from existing investors Ten Coves Capital and Enlightened Hospitality Investments.
"We are proud to welcome SoftBank as our newest investor and deeply appreciate their confidence in our mission to simplify team management and improve performance for restaurants," Jordan Boesch, CEO of 7shifts, said in a company press release. "Over the past two years, restaurants have dealt with countless challenges, and now more than ever need technology to streamline operations, empower workers and improve team retention.
"Our growth demonstrates that both independent and multi-unit brands are quickly adopting best-of-breed platforms to navigate the challenging labor market; and by building a first-class suite of solutions specifically tailored to the needs of restaurants, we've helped operators become employers of choice, all while controlling costs and building operational efficiency."
The investment comes on the heels of a significant year of growth for 7shifts in 2021, adding over 10,000 locations and over 400,000 workers to its platform. 7shifts will use the latest round of funding to double the size of its team and continue to build products for the employee lifecycle, which will help restaurant operators connect all aspects of their HR processes from hiring, onboarding, training, scheduling, and paying to retaining employees.
"Despite all the capital that's been invested in restaurant technology, little has been spent on truly helping operators connect their many systems; we have made it a 7shifts priority to close this gap and provide operators easy access to their data," Boesch said.
The restaurant industry is rebounding from COVID, but hiring and retaining staff remains a challenge to sustaining this growth, said Ram Trichur, partner at SoftBank Investment Advisers.
"7shifts is helping restaurants everywhere improve their operating efficiency and gives their teams the tools they need to be employers of choice," he said in the release. "We are thrilled to partner with Jordan and the team to support their mission to simplify team management and improve performance for restaurants."
