TabbedOut, a mobile payments app for bars and restaurants, announced Thursday it has raised $21.5 million in a Series C round.
Wellington Management Company led the round with participation from previous investors NEA and Morgan Creek Capital Management. To date, the Austin-based startup has raised $39 million.
“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,” Alex Broeker, CEO, TabbedOut, said in a news release.
The app saves customers time in checking out. It also gives merchants data and analytics about their customers.
TabbedOut plans to use the money raised for customer acquisition and to create loyalty and rewards programs, to integrate with other mobile consumer services and to expand into 20 new U.S. metro markets and internationally.
TabbedOut reports its app is installed in more than 10,000 venues nationwide and it has partnerships with Citibank and brands such as Anheuser-Busch, Dos Equis, Heineken and Deep Eddy Vodka.
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