Long-term investment provides capital to drive growth, innovation
LEHI, Utah, July 8, 2021 – SynergySuite, the global leader in back-of-house restaurant technology, announced a combined $7 million raise from equity and debt. The investment comes from new partner LAGO Innovation Fund, as well as existing investors First Analysis and Oyster Capital.
The restaurant industry has undergone tremendous challenges to profitability and success during the last 18 months, and SynergySuite is well positioned to address the needs of the market. SynergySuite’s restaurant management software allows enterprise restaurants to reduce food and labor costs, improve operations, and gain visibility across their business.
“This investment enables us to further expand in the North American market, and continue to innovate to serve multi-unit restaurants,” said SynergySuite CFO Eric Sailsbery. “We’re honored LAGO understands our position in this market and saw how our unique technology serves their portfolio.”
The raise allows SynergySuite to strengthen its position in the market during a critical time for the industry. LAGO Innovation Fund saw that investing at this key moment would drive an innovative product and position SynergySuite for long-term growth.
“We are thrilled to add SynergySuite to our portfolio,” said Heather La Freniere, LAGO Co-Founder and Managing Partner. “LAGO focuses on companies who are innovative and disruptive in their industries, and we see SynergySuite changing the enterprise restaurant market with technology that transforms the way operations are run.”
Existing SynergySuite investors First Analysis and Oyster Capital also contributed to the raise.
SynergySuite helps multi-unit restaurants simplify operations and increase profitability with easy-to-use restaurant management software. Businesses have the insights and tools they need to run the back office from a single platform. Global brands save 4-6% with SynergySuite’s mobile first software, which includes inventory, purchasing, reporting, operations, food safety, labor and scheduling, cash management and human resources. Learn more at synergysuite.com.
About LAGO Innovation Fund
LAGO Innovation Fund supports the founders and investors of high-growth disruptive companies through bespoke, term loan credit facilities and equity co-investments. LAGO typically provides $3-$30MM of capital to fuel the growth of emerging leaders in diverse sectors such as software, tech-enabled services, eCommerce, food and beverage, gaming, health + wellness, online marketplaces and need-based consumer products. LAGO structures its founder-friendly investments to provide incremental, longer-term investable capital to drive market penetration and ultimately the value of the enterprise. For more information, please visit https://lagoinnovation.com.