TabbedOut Raises $21.5 Million in Series C Funding
AUSTIN, Texas, June 4, 2015 /PRNewswire/ -- TabbedOut, the leader in mobile payments for bars and restaurants, today announced that it has secured $21.5 million in Series C financing led by Wellington Management Company, with participation from previous investors NEA and Morgan Creek Capital Management. The company has raised $39 million to date.
"TabbedOut was founded on the fundamental idea that we could save people time and help venues provide guests with a better customer experience when paying their bar and restaurant tabs," said Alex Broeker, CEO, TabbedOut. "With tens of thousands of tabs processed each month we can provide an unprecedented view into consumer baskets, which can be challenging for beverage companies. We've built a valuable service for customers and a powerful platform for providing actionable insights into consumer behavior and brand engagement. I believe the ROI inherent in our merchant and brand programs will soon be so obvious that we will quickly see big data decision-making trickling down to the hospitality industry."
TabbedOut has achieved consistent high growth as the fastest, simplest and most secure payment transaction system for both consumers and venues. TabbedOut can run on top of existing point-of-sale systems, does not disrupt credit card relationships or transaction processing, and provides a unique platform for merchants and brands to engage their customers. In the past 12 months, TabbedOut saw tab growth in its core markets jump 700 percent. In addition, a large multi-state venue reported customer time savings averaging eight-and-a-half-minutes on the hour due to their TabbedOut implementation.
"Since originally partnering with TabbedOut, we have been consistently impressed with their tremendous growth and continued innovation in the space," said Rick Yang, Partner, NEA. "They have successfully partnered with businesses that represent the full spectrum of the hospitality ecosystem, driving value for all parties involved. We are thrilled to continue working with Alex and the team as they accelerate market expansion and continue to lead and move the industry forward."
TabbedOut plans to use the new funds to continue to accelerate user acquisition through innovative, automated loyalty and rewards programs, integrations with other mobile consumer services, and expansion into 20 new U.S. metro markets and internationally shortly thereafter. The company will also focus on advancing product development of the TabbedOut mobile payment app and its capability to deliver powerful data insights to merchants and brands that benefit business and marketing strategies, and enrich consumer engagement.
Currently installed in more than 10,000 venues in the U.S., TabbedOut's credit card partnerships includes Citibank, and its fast-growing list of partner brands includes Anheuser-Busch™, Dos Equis™, Heineken® and Deep Eddy Vodka.
About TabbedOut
TabbedOut is the leading mobile payment app available at thousands of locations nationwide and has integrations with over 70 percent of the U.S. service and hospitality POS providers. Participating bars and restaurants use TabbedOut to anonymously track customer baskets and behavior, creating comprehensive consumer databases that offer actionable insights into their customer's spending habits. TabbedOut's merchant UI Periscope provides a powerful dashboard for any venue to offer rewards to existing customers and incentives to bring new ones in. This ability to "Know Your Customer" is currently unavailable with any other hospitality-based mobile payment solution. Benefitting both merchant and consumer, TabbedOut helps venue staff by processing and closing checks, directly increasing table turnover and overall gratuity, and ultimately bottom line revenue.
For more information, please visit Tabbedout.com.
SOURCE TabbedOut
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