New round of capital will help scale digital
ordering and payment product suite for restaurants, hotels, bars
and event venues
ARLINGTON, Va., Aug. 1, 2023
/PRNewswire/ -- GoTab, a leading hospitality commerce
platform, today announced that it has closed on its $18 million Series A funding round. The round was
led by Truist Ventures.
The capital infusion will support GoTab's development and
execution of its growing end-to-end product suite for the
hospitality sector and stadium and entertainment venues, including
further enhancement of its stationary and handheld point-of-sale
(POS), kitchen display system (KDS), kiosk, mobile ordering,
radio-frequency identification technology (RFID) and payment
solutions.
"GoTab is a dynamic platform in the hospitality industry. Its
unique and adaptable system draws on the team's diverse background
in operations and logistics to enhance business efficiency and
significantly improve guest experiences," said Tarun Mehta, Head of Corporate Development and
Truist Ventures. "Truist works with clients across the payments
industry and believes in GoTab's vision to enhance how guests
interact with operators from their initial impression to a seamless
payment transaction."
GoTab's flexible platform enables operators to run lean,
profitable businesses while also providing customized and enhanced
guest experiences. Its solutions are driving increased transactions
across merchants, with customers seeing average checks increase up
to 40% and food halls often seeing an increase of over 100%.
"Our goal from the beginning has been to help businesses run
better through our host of solutions that address virtually every
commerce, operations, and fulfillment issue operators and their
teams encounter," said Tim
McLaughlin, CEO and Cofounder at GoTab. "We have been
incredibly intentional with the solutions we develop for our
customers, and this latest capital injection will help us further
enhance our existing solutions, while also helping us continue to
scale the business across sectors and geographies. We are grateful
to Truist and our other investors for their confidence in our
business model and are eager to continue expanding our market
share."
To learn more about GoTab and request a demo, please visit
https://gotab.com/demo-request.
About GoTab, Inc.
GoTab, Inc., a Hospitality Commerce
Platform, is helping all sizes of restaurants, breweries, bars,
food halls, hotels, resorts, and other venues run lean, profitable
operations while making guests even more satisfied. The platform
includes a sophisticated point-of-sale (POS) or can optionally
integrate with other popular POS and property management (PMS)
systems. GoTab allows patrons to order and pay via staff on the
POS, on a kiosk, or using their own mobile devices, according to
guest preference and venue operating model(s). Tightly integrated
kitchen displays (KDS) and bidirectional messaging are then used
for highly optimized operations and delivery. Guests never need to
download a mobile app or use a password. In addition to typical on-
and off-premises sales, GoTab enables eCommerce, memberships,
subscriptions, and deeply integrates with event, reservation, and
ticketing systems. Founded in 2016, GoTab processes over
$500M in gross merchandise value
(GMV) annually with operations across 39 U.S. states, Canada and growing and is PCI DSS Level 1. For
more information, consult our media kit, request a demo or learn
more at https://gotab.com/.
About Truist Ventures
Truist Ventures is the corporate
venture capital division of Truist Financial Corporation (NYSE:
TFC), a purpose-driven financial services company committed to
inspire and build better lives and communities.
Truist Ventures delivers touch and technology to Truist clients
through partnerships with, and investments in, innovative companies
and exceptional management teams with novel solutions to help
Truist shape the future of finance. Truist Ventures' investment
focus includes financial technology, payments and money movement,
and regtech, and stretches into other adjacent, disruptive
technologies.
Leveraging Truist's extensive network of executive-level talent
and industry experts in technology, investment banking, capital
markets and innovation, the Truist Ventures team helps Portfolio
companies gain access to Truist executives and industry experts in
technology, investment banking, capital markets and innovation to
help fulfill their growth opportunities. Learn more at
TruistVentures.com.
Contact:
Madison
McGillicuddy
363116@email4pr.com
(203) 268-8269
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SOURCE GoTab