Owner Raises $240 Million To Give Small Businesses That Can’t Afford Big Tech Teams AI

Owner, an artificial intelligence startup, has successfully raised $240 million in a Series D funding round to provide small businesses with enterprise-grade AI tools. The company's mission is to give independent restaurants and neighborhood shops the same level of tech and marketing capabilities that big chains have, which typically employ marketing chiefs, ad agencies, and web developers.

With this $240 million investment, led by Goldman Sachs, Owner is now valued at $2.3 billion. The company, founded in 2020, generates over $100 million in annual profit. Currently, the platform powers more than $1 billion in restaurant profits annually, with over 100 million Americans having placed orders through it.

Owner's AI platform, described as the "AI CMO and CTO for local businesses," handles website and app development, online advertising, online ordering, customer service, and loyalty programs. Businesses can interact with the AI agents as if they were employees, who work around the clock and continuously improve by learning from thousands of other businesses.

Initially targeting restaurants during the COVID-19 pandemic, Owner has expanded its AI platform to cater to many US restaurant locations. The company's CEO, Adam Guild, drew inspiration for the idea from his mother's dog-grooming business, which struggled with internet presence. Now, Owner aims to provide small business owners nationwide with affordable AI assistance, challenging the notion that only big companies can afford full tech and marketing teams.