Owner Raises $240M Led by Goldman Sachs Alternatives to Build the AI-Native Platform for Every Local Business
Owner, a technology company focused on supporting local businesses, has announced a significant funding round, raising $240 million and achieving a valuation of $2.3 billion. Growth Equity at Goldman Sachs Alternatives led this financing, with participation from existing investors Meritech, Redpoint, Headline, and Jack Altman.
Founded in 2020, Owner aims to provide small business owners, particularly in the restaurant sector, with advanced artificial intelligence tools that help them compete against larger corporations. The company positions itself as the AI Chief Marketing Officer (CMO) and Chief Technology Officer (CTO) for these businesses, offering services that include website management, online ordering, customer relationship management, and AI-driven phone ordering solutions.
Owner reports that it has surpassed $100 million in annual recurring revenue (ARR) and expects independent restaurant owners to generate over $1 billion in sales through the platform this year. The company claims to power more U.S. locations than major fast-food chains like Domino's and Taco Bell, with over 100 million American consumers having interacted with the service. Its technology is recognized as the top-rated restaurant technology solution on platforms such as Capterra and G2.
The AI-powered system allows business owners to engage directly as if Owner were a part of their team, managing their digital presence round-the-clock. Data indicates that restaurants utilizing Owner's technology see a 40% increase in online traffic within the first month and a significant jump in direct online revenue in their initial year. Adam Guild, co-founder and CEO, emphasizes that Owner is designed not to replace jobs but to enable small business owners to access the technology needed to thrive in a competitive landscape.
Looking ahead, Owner plans to expand its services to all U.S. independent restaurants and extend its reach internationally, with aspirations to apply its AI capabilities to a range of local businesses, including salons and grocery stores. The company's team comprises professionals from notable technology firms, and more than 35 team members are former founders.