Owner’s first employee tender offer

Today we’re announcing Owner’s first-ever tender offer, giving current employees a chance to sell a portion of their vested equity for cash. The offer gave eligible employees the opportunity to sell a combined total of up to $25M in shares. The offer valued Owner at $2.3B, matching our Series D valuation. Kline Hill Partners and NewView Capital, both existing Owner investors, led the offer. For them, it was a way to buy existing employee shares through a secondary sale.

Why we did this

At a startup, equity can grow in value long before employees can use it. A chance to sell some shares can help someone buy a home or support their family. We wanted our team to have those choices. To help them weigh the decision, we made independent tax and financial advice available.

We also believe that financial flexibility can strengthen team members’ commitment. They see our company doing the long-term right thing: helping people benefit from what they’ve built.

The growth that created this opportunity

Owner’s growth and efficiency have driven demand from investors. That demand made this offer possible.

Behind each of these numbers is a team executing with intense focus and skill. We wanted to recognize their work by giving people access to some of the value they helped create. For the same reason, we intend to hold subsequent liquidity events in the future.

There’s more to build

We’re helping independent restaurant owners grow their businesses. Our ambition reaches beyond restaurants, to the local business owners who need better ways to compete and succeed.

That work will take years. This offer gives our team a chance to benefit from the progress so far while we keep building toward what comes next.

To our team: thank you for the work that brought us to this point. We’re excited to keep building Owner with you.