The company raised this in an oversubscribed second financing tranche that brings its total capital raised to more than $1.2 billion, according to the release.
inKind’s restaurant commerce platform is designed to connect restaurants with both capital and high-intent guests. The platform brings together upfront capital, demand generation, financial tools, guest rewards, proprietary data and artificial intelligence-native capabilities, the release said.
The company’s network connects 5 million diners with 8,500 restaurants that represent $30 billion in annual restaurant gross merchandise value (GMV), per the release.
“Some of the best restaurant operators in the country trust inKind, and millions of guests use our platform to discover, support and return to great restaurants,” inKind Co-Founder and CEO Johann Moonesinghe said in the release. “That combination of restaurant quality, guest scale, capital infrastructure and proprietary data is what makes inKind different.”
inKind announced in February that it had been supporting restaurants for 10 years and that over that time, it had provided $600 million in funding to 6,000 independent restaurants nationwide and provided its app users with $175 million in dining rewards.
“For restaurant owners, the margin for error is razor-thin, especially during the early years of growth, but well capitalized and operated restaurants can generate excellent returns, especially with inKind funding, which is structured to align restaurant success with customer demand,” the company said at the time in a press release.
“inKind was built to solve these real challenges. From day one, the goal has been clear: provide restaurants with a flexible funding alternative and long-term partnership that allows them to grow on their own terms while preserving what makes them special.”
Liberty Mutual Investments, the investment firm for Liberty Mutual Group, said in July that it formed a strategic financing partnership with inKind.
John Kim, head of alternative credit at Liberty Mutual Investments, said at the time in a press release: “The inKind team has built an exceptional and differentiated platform that creates value for restaurants and consumers alike, and we are tremendously excited to partner with them as they kick off this next phase of growth.”
