Austin’s TabbedOut Nabs $21.5M for Mobile Payments App
TabbedOut, a mobile payments system for bars and restaurants based in Austin, TX, announced today it has raised $21.5 million in Series C funding.
The investment round was led by Wellington Management Company and included participation from previous investors such as NEA and Morgan Creek Capital Management. In total, TabbedOut has raised $39 million since its founding in 2011.
Not just making it easier for bars and restaurants to process customer bills, the company is a big data play, according to CEO Alex Broeker. “We’ve built a valuable service for customers and a powerful platform for providing actionable insights into consumer behavior and brand engagement,” he said in today’s statement.
TabbedOut is similar to companies like Dallas-based Ziosk in making it easier for customers to pay for meals and bar tabs at restaurants electronically. But unlike Ziosk, which enables customers to order electronically, TabbedOut is just a payment system.
The company plans to use the new funds to create loyalty programs to attract new customers and expand into 20 U.S. markets, as well as making its first international forays. The funding will also be used to further develop TabbedOut’s mobile payment app to enhance data analytics available to customers.
The app is used in more than 10,000 establishments in the country and is compatible with more than 70 percent of U.S. service and hospitality point-of-sale software, the company says.