Tabbedout Closes $5.75M Series A Venture Capital Round

Tabbedout, an Austin Texas-based developer of a mobile app that allows consumers to open, view and pay a tab, has raised $3.7m in funding and has completed its $5.75m Series A venture capital round.

The investment was made by New Enterprise Associates.

This close brings the total amount raised by the company to date to $6.5m (read FinSMEs’ previous news here).

The company intends to use the funds to further accelerate its growth expanding in additional markets beyond its current network of bars and restaurants across 90 cities in 20 states. To this end, Tabbedout, which is led by CEO Rick Orr, recently named Arturo Coto, founder of technology, business consulting and marketing services companies, as vice president of marketing.

Available for free on both iPhone and Android smartphones, the application allows users to store credit card information directly on their phone, encrypted and under passphrase protection, open, view and pay their tab, and share their social experiences with friends via Facebook, Twitter and Foursquare.

Tabbedout also announced that POS vendor MICROS will now embed the app into its offering.



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