Asheville-based online food ordering company Orchard Systems Inc. has raised $1.1 million in a private equity offering, according to a filing Tuesday with the Securities and Exchange Commission.
Orchard Systems raised the money from two investors, according to the filing.
The company is still seeking to raise $900,000, totaling an investment of approximately $2 million.
Order Orchard, Orchard Systems core product, is a restaurant support platform that connects food-seeking customers to menu and online ordering options. The ordering website is currently under construction.
Led by Thomas Cecil, a 2017 graduate of Dartmouth College and current CEO, the company is continuing to expand Order Orchard, as well as developing more products, including OrchardPOS and OrchardOS.
This software is currently targeted at multi-location restaurant enterprises, offering point of Sale solutions for the retail and food service industries.
Cecil won the 2017 Dartmouth Entrepreneurial Forum, presenting this business model. The Digital Arts Leadership & Innovation Lab partnered with Orchard Systems throughout 2016 and continues to work with the private company through mentorship.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.