Tabbedout, which develops an app to allow customers to pay their bar and restaurant tabs using their smartphone, has secured USD3.5 million in funding from Trellis Partners and New Enterprise Associates. The Austin-based company, which has previously taken USD6.5 million from the same investors, expects to raise a total of USD4 million when the round is complete.
The company's mobile payment software, available on iPhones and Android smartphones, is now used in over 800 locations across the US after the company entered into a nationwide deal with TGI Friday's in May. Tabbedout plans to use the new capital to secure additional deals.
"We doubled our sales force last month, and with the new funding we'll be able to pursue large national chains and bigger merchants," says CEO Paul Fiore.