Tabbedout, 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.
Tag: Tabbedout
Just in time for South by Southwest, bar patrons can now access their PayPal account to pay for a bar tab thanks to Austin-based Tabbedout, the mobile payment solution that enables customers to open, view and pay their bar or restaurant tab with their phone.
No need to carry around a bunch of credit cards during the insanity that is SXSW. Instead, Tabbedout works on any iPhone or Android mobile phone. The free app lets you settle a bar or restaurant bill with PayPal at select Austin locations.
“PayPal is enthusiastic about giving our consumers the choice to make payments any time, anywhere and in almost any way they want,” Scott Dunlap, vice president of emerging opportunities for PayPal said in a news statement. “Being offered within the Tabbedout mobile app is another way we’re delivering consumers a fast, secure way to pay without ever pulling out their wallets.”
