Tabbedout Receives $7.75 Million in Venture Capital

imgres-7Tabbedout, a mobile payment app that allows people to pay bar and restaurant tabs with their mobile phone, received $7.75 million in venture capital.
The Austin-based company announced the Series B financing deal Thursday on its website. The investors included NEA, Heartland Payment Systems and Morgan Creek Capital.
With the latest financing, Tabbedout has raised $13.5 million, according to its CrunchBase profile.
Tabbedout, founded in 2009, plans to use the funds on marketing and to expand sales.
“Tabbeout has created a truly innovative solution for the hospitality industry, giving merchants key insights into customer behavior and feedback, which greatly improves the consumer experience,” Rick Yang, principal at New Enterprise Associates, said in a news release.
Tabbedout is available at more than 1,000 locations nationwide. The free smartphone app is available for download from the Apple App Store or Google Play.

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