Goldman Sachs Backs Owner's $2.3B Valuation Amid AI-Powered Expansion Plans
Owner, an AI-native platform for local businesses, has raised $240 million in funding led by Growth Equity at Goldman Sachs Alternatives. The company aims to provide small business owners with access to technology and marketing capabilities that they cannot afford on their own.
Founded in 2020, Owner has already surpassed $100 million in annual recurring revenue (ARR). This year alone, independent restaurant owners using the platform are expected to drive over $1 billion in sales. With its AI agents managing and improving various aspects of a business's digital presence, Owner claims that restaurants can see an average growth in online traffic by 40% within 30 days of launching.
Owner's technology includes website development, online ordering, mobile apps, CRM, customer support, POS, and AI-powered phone ordering. The company also boasts a team of leaders from prominent companies such as Shopify, DoorDash, Compass, Salesforce, and HubSpot, with over 35 team members being former founders.
With its latest funding round, Owner plans to expand its services to every U.S. independent restaurant and eventually bring its AI system to other local businesses, including salons, spas, and grocers.