The funding, led by Goldman Sachs Alternatives, will help Owner develop AI agents for independent restaurants.

Owner, a tech company that aims to help independent restaurants grow their online business, has raised $240 million in a funding round led by Goldman Sachs Alternatives.

The company plans to use the funding to help grow its “AI-native” platform, which includes AI agents that can manage restaurants’ websites, marketing, and other functions.

Owner also recently launched a POS system, signaling an intention to become a bigger part of restaurants’ tech stacks — and compete with bigger tech players.

The San Francisco-based company has grown quickly since its founding in 2020 and now generates $100 million in annual recurring revenue across “thousands” of local businesses, it said in a press release.

The latest funding round brings Owner’s total valuation to $2.3 billion. It follows a $120 million fundraise last May and a $33 million round in early 2024.

With its investments in AI, Owner says it wants to be the “AI CMO and CTO for local businesses.” Restaurants can ask Owner to promote a menu item, for instance, and an AI agent will create the promotion, update the website, and run the campaign, Owner said.

The idea is to help small restaurants compete with big chains.

“The world is racing to build AI to replace people’s jobs. Owner is building AI to do the opposite: to do the jobs many small business owners have never been able to afford,” said co-founder and CEO Adam Guild in a statement.

And Owner is not stopping at restaurants: It said it plans to bring its technology to all local businesses, including salons, spas, and grocery stores. It is also looking to expand internationally.

Existing investors Meritech, Redpoint, Headline, and Jack Altman also participated in the $240 million round.