TabbedOut, a Texas-based mobile payments company that focuses on the bar and restaurant industry, has raised $21.5m in a Series C funding round.
TabbedOut employs 52 people and in the three years since launching, it has reached just 40,000 monthly active users who have downloaded its app to pay their bills at restaurants and bars from their smartphones.
The mobile payment start-up is very similar to its competitors, such as E la Carte and Ziosk, but TabbedOut do not allow its users to pay for food in restaurants. The firm is solely focused on processing payments and its app doesn’t require restaurants to invest in any additional hardware to accept customer payments.
The funding round was led by Wellington Management Company and also included NEA and Morgan Creek Capital Management, who have previously invested heavily into TabbedOut. The payment company has now raised $39m in total.
‘‘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.
TabbedOut plan to invest the funds into creating automated reward and loyalty systems, as well as attempting to partner with other mobile consumer services. Plans to expand are also on the table, with the firm hoping to operate within 20 new U.S. metro markets as well as the chance to operate abroad.
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