Owner, an AI-powered technology and marketing platform for local businesses, has raised $240 million in funding, giving the company a valuation of $2.3 billion.

The funding round was led by Growth Equity at Goldman Sachs Alternatives, with participation from existing investors Meritech, Redpoint, Headline, and Jack Altman.

Founded in 2020, Owner helps local businesses manage their technology and marketing through AI. Its platform provides tools for websites, online ordering, mobile apps, customer support, CRM, POS systems, marketing, and AI-powered phone ordering.

Owner uses AI agents to handle many business tasks automatically. For example, a restaurant owner can ask the platform to promote a menu item, and its AI can create the promotion, update the website, build a marketing campaign, generate content, and publish it.

The company has now surpassed $100 million in annual recurring revenue (ARR). Thousands of local businesses use Owner, and more than 100 million U.S. consumers have interacted with businesses using its platform.

Owner says restaurants using its platform increase online traffic by an average of 40% within 30 days and grow direct online revenue by more than 40% during their first year. Customers using a restaurant’s branded app also reorder at twice the rate of customers who do not use the app.

“The world is racing to build AI to replace people’s jobs. Owner is building AI to do the opposite: to do the jobs many small business owners have never been able to afford,” said Adam Guild, co-founder and CEO of Owner. “Now, for the first time, local restaurants have the same tech advantages as the huge chains they compete with. And soon every small local business, including grocers and salons, will have those advantages too.”

The company offers restaurant technology including branded mobile apps, online ordering, POS systems, kitchen tablets, loyalty programs, and tools for managing daily operations. Its AI features can also answer phone calls, take orders, create marketing campaigns, and respond to customer reviews and emails.

Owner plans to use the new funding to expand across the U.S., enter international markets, and bring its AI platform to more types of local businesses, including salons, spas, and independent grocery stores.