AUSTIN, Texas, Dec. 10, 2015 /PRNewswire/ -- TabbedOut, the leader in mobile payments for bars and restaurants, announced that the company has raised $2 million from Miami-based Aeterna Capital. The additional funding brings TabbedOut's Series C to $23.5 million. Aeterna Capital joins lead investor Wellington Management Company and participating investors NEA and Morgan Creek Capital Management.
TabbedOut's Series C was originally announced in June 2015. Since then, the company has landed account teams in Nashville, Orange County, Boston, Chicago, Miami and Houston. TabbedOut will soon expand to Denver, Dallas and Washington D.C. as well. The additional funding from Aeterna Capital will help TabbedOut expand to 20 planned U.S metro areas and then launch internationally soon thereafter.
TabbedOut is currently installed at more than 10,000 U.S. bars and restaurants. Venues can implement TabbedOut without replacing their existing point-of-sale system, buying additional hardware or disrupting credit card and transaction processing relationships. TabbedOut's merchant interface, Periscope, allows venues to track customer spending habits, respond to feedback and send marketing offers directly to people's smartphones.
"We used TabbedOut in Miami and were absolutely floored by it," said Karl Finegan at Aeterna Capital. "The company has produced an app that is dead simple to use, allows restaurants to turn tables much faster and removes the typical delay for diners/bar patrons in having to request to close out a tab. The company is also capable of producing extremely useful consumer analytics for bars, restaurants and beverage companies. TabbedOut has the technology and a world class team in place to dominate in the mobile payments space."
"Aeterna Capital brings a hands-on approach and collaborative mentality that we value in investors. They will be a key strategic partner for TabbedOut," said Alex Broeker, CEO of TabbedOut. "We're proud to complete our Series C with such an outstanding group of investors."
To date, TabbedOut has secured $41 million in funding. In addition to fueling expansion, the new capital will be used to advance the TabbedOut consumer app, build integrations with other mobile services and extend Periscope's big data analytics.
TabbedOut is a mobile payment app that allows guests to close bar and restaurants tabs from their smartphones. Available at thousands of venues nationwide, TabbedOut has integrations with over 70 percent of U.S. service and hospitality POS providers. Bars and restaurants use TabbedOut to anonymously track user behavior and gain insight into customer spending habits. TabbedOut's merchant UI, Periscope, also enables venues to offer rewards to existing customers and incentives to new visitors. No other hospitality-based mobile payment solution offers this ability to "Know Your Customer." With TabbedOut, guests enjoy a fast checkout process, staff see increased table turnover and more gratuity, and venues increase their bottom line revenue.
For more information, please visit TabbedOut.com.