Goldman Sachs Bets Big on AI Agent Model for Small Businesses
Owner, an AI-native platform for local businesses, has raised $240 million in Series D funding led by Growth Equity at Goldman Sachs Alternatives. This brings the company's valuation to a staggering $2.3 billion. The funds will be used to expand Owner's autonomous operational layer, which currently serves restaurants but aims to reach every type of local business.
The platform functions as an 'AI CMO and CTO' for small businesses, automating website management, online ordering, marketing, and customer support. Unlike traditional software that requires owners to make decisions based on dashboard data, Owner's agents optimize for conversion rates rather than aesthetic preferences.
According to the company's own data, Owner-powered websites convert 146% more visitors into customers compared to independent restaurant sites. Businesses also see an average 40% growth in online traffic within 30 days of launch. The AI Grader tool, which provides a free diagnostic for digital presence, feeds over 90% of new customers into the sales funnel.
Owner's CEO Adam Guild emphasizes that the company is not focused on replacing human labor but rather filling the gap left by small businesses' inability to afford marketing and technology professionals. The market Owner is targeting is estimated at $44 billion annually for US independent restaurants, growing to $105 billion when including other countries and business types.