Funding Proceeds Will Fuel Adoption of Company’s Proprietary Labor Management Software and Expand North American Restaurant Footprint
7shifts, the leading labor management platform for restaurants, has raised an additional $6 million (USD) in growth equity funding led by existing investor, Napier Park Financial Partners, with participation from returning investor Relay Ventures and new investor Conexus Credit Union.
This latest funding comes only 9 months after 7shifts completed its Series A in January 2019, bringing the total capital raised to $17.4 million in the year to-date.
“By keeping laser-focused on solving the pain points restaurants face managing, motivating, and retaining their teams, we have transformed our learnings into compelling products that are having a significant and immediate impact on the market,” said 7shifts CEO, Jordan Boesch. “We are growing fast, but this is only the beginning. We appreciate the additional capital from our partners at Napier Park and Relay Ventures, and welcome our new local partner, Conexus Credit Union, to the 7shifts family.”
7shifts’ labor management software improves the operations of restaurants of all sizes – from growing independents to national brands – by simplifying team scheduling, labor budgeting, communication, and compliance, freeing up time for managers to serve their customers and focus on providing exceptional guest experiences.
Since closing the Series A round in January, 7shifts has more than doubled the number of restaurants signing up each month, and doubled the size of their team; with plans to accelerate this growth even further in the next 12 months. Today, 7shifts schedules over 7 million shifts per month, which translates to significant savings for restaurants and managers; thousands of hours saved on schedule administration and $12 million per month in labor cost savings.
This additional capital has helped accelerate the hiring of key team members, including the recent addition of VP Partnerships, James Moncarz, formerly VP Partnerships at Ceridian and Docebo, along with Preston Junger, former VP Global Partnerships at Yelp. Both of whom were attracted to 7shifts’ vision of becoming the leading labor management partner for restaurants.
The funding proceeds will help accelerate the development of 7shifts’ partner integration network, which has recently added 10 new partners, including a recent debut in the ADP Marketplace and a full integration with Revel POS. This is in addition to doubling-down on the compliance functionality that restaurants need to ensure proactive Fair Workweek and Predictive Scheduling compliance.
“We are impressed by the accelerated traction that Jordan and the 7shifts team have achieved in such a short period of time,” said Dan Kittredge, Partner of Napier Park. “We are excited to contribute more capital to help fuel 7shifts’ growth and continued innovation of new solutions that help restaurants succeed.”
“Conexus launched our Venture Capital fund to support entrepreneurs like Jordan and the team at 7shifts, who are showing the world that high-growth, globally competitive companies can be built in Saskatchewan,” said Sean O’Connor, Venture Capital Fund Manager at Conexus Credit Union. “Our entire team is thrilled to be joining the journey of such an ambitious company that is scaling fast and helping to put our tech ecosystem on the map.”