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Exit41 Inc., a maker of software to handle phone and drive-through orders for restaurants, is getting ready to announce a new helping of venture capital funding on its plate — $8.8 million worth.
The Andover-based company disclosed in a recent regulatory filing that the money is a tranche payment of a Series C round pegged at $14.8 million. Return investors include Humphrey Enterprises LLC and Fidelity Investors III LLP. Former investor Thomas Weisel Venture Partners did not participate, according to the document and other investors.
Founded in 1998, Exit41 provides software products that allow restaurants, caterers and other food service vendors to outsource everything from customers orders at a drive-through intercom to large catering orders placed by phone. The technology eliminates a conflict between the demands of on-site customers and telephone customers, said Humphrey Enterprises principal John Humphrey. On-site staff tend to prioritize the customer at the counter, missing valuable opportunities for upsells when it comes to large takeout orders. That can be costly, he said.
“Our person there is encouraging, engaging and sparking (more buying), and trying to get it along,” Humphrey said. “The person in the restaurant just wants to get the person off the line. We’ve actually seen restaurants where people are saying, ‘We take the phone off the hook.’ ”
According to Humphrey, the technology is already in use at Cara Operations Ltd., a Canadian food service company that owns the Swiss Chalet, Harvey’s and Kelsey’s brands. Future expansion may include hotels, which are interested in the technology for room service orders, and stadiums that may use it for luxury boxes, he said.
Humphrey, who founded training outsourcing company The Forum Corp. in 1971, invested in Exit41’s angel round. His company’s venture capital portfolio also includes Acumentrics Corp., a Westwood-based fuel cell energy company; Medical Simulation Corp., a Denver-based medical training company; and Boston-based KIKA Medical Inc., a clinical asset management software company.
Exit41 declined to comment prior to its official announcement of the funding, which a company spokeswoman said is planned soon. The most recent funding brings Exit41’s total investment to at least $20.6 million, according to public documents filed this year. A $2.4 million series B funding reported last February was later increased to $4.8 million.
Thomas Weisel Venture Partners could not be reached for comment.
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