TabbedOut raises $21.5M Series C to continue expansion

Austin-based TabbedOut announced they have raised a $21.5 million Series C investment today.

 

The round was led by Wellington Management Company, with participation from previous investors NEA and Morgan Creek Capital Management. 

 

The leader in mobile payments for bars and restaurants said they will use the new funds to continue to accelerate user acquisition, create integrations with other mobile consumer services and expand into 20 new U.S. markets. They hope to expand internationally eventually. The company will also focus on advancing product development.   

 

"TabbedOut was founded on the fundamental idea that we could save people time and help venues provide guests with a better customer experience when paying their bar and restaurant tabs," said Alex Broeker, CEO of TabbedOut in a statement. "With tens of thousands of tabs processed each month we can provide an unprecedented view into consumer baskets, which can be challenging for beverage companies. We've built a valuable service for customers and a powerful platform for providing actionable insights into consumer behavior and brand engagement. I believe the ROI inherent in our merchant and brand programs will soon be so obvious that we will quickly see big data decision-making trickling down to the hospitality industry." 

 

TabbedOut is currently used in over 10,000 venues and includes partners like Citibank, Anheuser-Busch, Dos Equis, and Heineken.

 

The company has raised $39 million to date.