The restaurant industry in the U.S. is expected to pass $1 trillion in sales for the first time this year, despite wider economic pressures on consumers.

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Restaurant365, a startup that provides restaurant management software, has raised $175 million in a funding round led by ICONIQ Growth, with participation from KKR and L Catterton. The company plans to use the funds to expand its product suite and customer base.

Restaurant365 orders in $175M at a $1B+ valuation to supersize its food service software stack