Owner Raises $240M for Local Business AI
Owner AI platform for local businesses raised $240 million at a $2.3 billion valuation to expand its restaurant technology tools.
Owner has raised $240 million at a $2.3 billion valuation to expand its AI platform for local businesses. Growth Equity at Goldman Sachs Alternatives led the financing, with Meritech, Redpoint, Headline, and Jack Altman also participating. The company started with restaurants and says it has surpassed $100 million in annual recurring revenue. Independent restaurant owners are expected to drive more than $1 billion in sales through Owner this year.
Technology And Marketing Tools
Owner builds and runs websites, online ordering, mobile apps, CRM, customer support, POS, and AI phone ordering for local businesses. Its AI agents can update a website, create and publish a campaign, answer calls, take orders, reply to reviews and emails, and support customers.
The company reports that restaurants grow online traffic by 40% on average within 30 days of launch. It also says the average restaurant grows direct online revenue by more than 40% in its first year, while branded-app customers reorder at twice the rate of non-app users.
Adam Guild, co-founder and CEO at Owner, said:
“The world is racing to build AI to replace people's jobs. Owner is building AI to do the opposite: to do the jobs many small business owners have never been able to afford.”
Restaurant Platform Scale
Thousands of local businesses use Owner, and more than 100 million American consumers have used the platform, according to the company. Owner says it now powers more U.S. locations than Domino’s or Taco Bell and is the top-rated restaurant technology on Capterra and G2.
Its team includes leaders from Shopify, DoorDash, Compass, Salesforce, and HubSpot, with more than 35 former founders among its staff. The company says it uses AI throughout development to shorten product development timelines.
Plans Beyond Restaurants
Owner plans to serve every U.S. independent restaurant, expand internationally, and bring its AI system to salons, spas, independent grocers, and other local businesses.
Adam Guild, co-founder and CEO at Owner, said:
“Now, for the first time, local restaurants have the same tech advantages as the huge chains they compete with. And soon every small local business, including grocers and salons, will have those advantages too.”
