Kudzu Interactive, an Atlanta, GA-based operator of Snapfinger.com, a Web-based remote ordering solutions for the restaurant industry, has raised $7m in a Series B funding round.
The investment, which was led by Norwest Venture Partners, with participation from existing investors, brings the total amount the company has raised to date to $11m.
The funding will support sales and marketing initiatives and expand the business in a number of different areas, including mobile and iPad product development and real-time transaction based marketing features.
In conjunction with the investment, Josh Goldman (on the left) and Jeff Crowe (on the right), general partners at NVP, will join Kudzu Interactive’s board of directors.
Commenting on the round, Jim Garrett, founder and CEO of the company, said: “We chose to raise capital now to solidify our leadership position and feel strongly that the next 18 months will give us the opportunity to own the online and mobile ordering space for casual dining.
“Kudzu Interactive chose to work with Norwest Venture Partners because of the firm’s strong e-commerce operational experience as well as their strategic connections that will accelerate our mobile technology development and our sales and marketing initiatives into local markets”, he added.Snapfinger enables users to access more than 28,000 restaurants from national chains to local independent restaurants currently in its network.
The company’s solution uses a location-based technology to find nearby restaurants and to enable the user to order food and complete the payment transaction quickly. It is synchronized with the restaurant’s POS (Point of Sale).
Snapfinger for mobile devices is available for free download from the iTunes App Store and Google Android Marketplace.
FinSMEs
01/06/2010