Bangalore: Leading mobile payments for bars and restaurants, TabbedOut raises $21.5 million in series C round of funding from Wellington Management Company. The funding round was also participated by its existing investors including NEA and Morgan Creek Capital Management. Till today, the Austin based startup has raised $39 million.
The new round of funding will be utilized to accelerate customer acquisition through innovative and create loyalty and rewards programs in order to integrate with other mobile consumer services. The company also expects to deploy the fund to enlarge its reach into 20 new U.S. metro markets and expand internationally in 12 month.
Founded in 2009 by David Lemley, Rick Orr and Jeffrey Kalikstein, the Austin based company TabbedOut is the leading mobile payment app which allows its customers to open, view, and pay bar or restaurant tabs from their smartphones. The company merchant UI Periscope provides a powerful dashboard for any venue to offer rewards to existing customers and incentives to bring new ones in. Benefitting both merchant and consumer, the firm allows venue staff by processing and closing checks, directly increasing table turnover and overall gratuity, and ultimately bottom line revenue.
Consistently achieving a high growth as the fastest, simplest and most secure payment transaction system for consumers and venues, the app is currently installed in more than 10,000 venues in the U.S. and available at thousands of locations nationwide. The company’s credit card partnership includes Citibank, Anheuser-Busch, Dos Equis, Heineken and Deep Eddy Vodka.