TabbedOut, an Austin, Texas-based provider of mobile payments solutions for bars and restaurants, raised an additional $2m in Series C funding, which was originally announced in June 2015.
Aeterna Capital made the investment, which brought the total amount raised in Series C to $23.5m. The Miami-based firm joined lead investor Wellington Management Company and participating investors NEA and Morgan Creek Capital Management.
The company, which has secured $41m in funding to date, will use these funds to expand to 20 planned U.S metro areas and then launch internationally soon thereafter, advance the consumer app, build integrations with other mobile services and extend Periscope’s big data analytics.
Led by Alex Broeker, CEO, TabbedOut is a mobile payment app that allows guests to close bar and restaurants tabs from their smartphones. Currently installed at more than 10,000 U.S. bars and restaurants, the platform has integrations with over 70 percent of U.S. service and hospitality POS providers.
Bars and restaurants use TabbedOut to anonymously track user behavior and gain insight into customer spending habits. Its merchant UI, Periscope, also enables venues to offer rewards to existing customers and incentives to new visitors.