Restaurant app Ritual secures $54 mln in Series B funding

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Toronto-based restaurant app Ritual Technologies Inc has raised about $53.8 million (US$43.5 million) in a Series B financing, according to a report by the Wall Street Journal.

The round was led by U.S. venture capital firm Insight Venture Partners, the report said. The startup’s other backers include Canadian venture capital firms Golden Venture PartnersMantella Venture Partners and Mistral Venture Partners, as well as U.S. firm Greylock Partners, according to Crunchbase.

Founded in 2014 by CEO Ray Reddy, Ritual offers a mobile order-and-pay platform that enables users to secure coffee and food orders quickly and easily.

The company will use the proceeds of the Series B to double its personnel and make its app available in several major U.S. cities over the next year, the Wall Street Journal said.

Photo courtesy of Ritual