Revel Systems, a San Francisco, CA-based provider of an iPad Point of Sale (POS) platform, secured approximately $100m in Series C funding.
Backers included New York City-based private equity firm Welsh, Carson, Anderson & Stowe (WCAS) and other strategic investors. In conjunction with the funding, Sanjay Swani, a general partner at WCAS and Co-Head of the WCAS Information/Business Services industry practice, will join Revel’s Board of Directors.
The round includes an initial $65m investment from WCAS and an additional $25m equity line available from WCAS.
The company intends to use the funds to bolster support and operations.
Founded in 2010 by Lisa Falzone (read our post funding interview here) and Chris Ciabarra, Revel Systems provides an iPad POS platform for food service and retail SMBs and franchise operators featuring operations and reporting tools to grow their business. The platform includes front-end order entry, cash register and payment processing, plus back-end personnel scheduling, time clock and payroll, inventory management, comprehensive product/menu management, and advanced reporting to measure and optimize business performance. With the introduction of the Revel Marketplace, users can now integrate directly into third-party enhancements, including mobile payments, online ordering, gift or reward cards and advanced financial software suites.
Deployments include Smoothie King, Dairy Queen, Goodwill, Pizza Patrón and more.