June 8, 2015
TabbedOut, the leader in mobile payments for bars and restaurant, recently raised a funding of $21.5 million in Series C Round. The financing was led by Wellington Management Company, along with the participation from investors such as NEA and Morgan Creek Capital Management. With this recent funding, the total amount raised by the company totals $39 million. TabbedOut Chief Executive said that this will be the final funding round before the company goes public.
"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."
The company will use the new funding to attract the customers through innovative, automated loyalty & reward programs and integration with other mobile consumer services. The company also plans to expand into 20 new US metro markets and internationally thereafter.
"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."
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.
TabbedOut is a free app that lets you open, view and pay your bar and restaurant tabs with your phone. It eliminates the need to flag down a waitstaff, wait in a line at the end of the night or go back to a venue to find a card you left behind. You can also use TabbedOut to split a check among your friends, letting the app do all the math for you and eliminating the hassle for your waitstaff dealing with a mountain of credit cards.
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