• TabbedOut

  Participated · Series B · Oct 2013

  TabbedOut is a mobile payments provider whose app allows guests to close bar and restaurant tabs from their smartphones. The platform is installed at more than 10,000 U.S. bars and restaurants and integrates with over 70% of U.S. service and hospitality POS providers. Its merchant UI, Periscope, enables venues to anonymously track user behavior, gain insight into customer spending habits, and offer rewards and incentives. Led by CEO Alex Broeker, the company plans to expand into 20 U.S. metro areas and then launch internationally, while advancing the consumer app and building integrations with other mobile services. Financially, TabbedOut has secured $41M in funding to date and recently added to its Series C round. TabbedOut operates a mobile payment app that lets bars and restaurants anonymously track customer baskets and behavior to build comprehensive consumer databases and deliver actionable insights. Its merchant UI, Periscope, provides venues with a dashboard to offer rewards to existing customers and incentives to attract new ones. The app is installed in more than 10,000 U.S. venues and has credit-card partnerships including Citibank; partner brands include Anheuser-Busch, Dos Equis, Heineken and Deep Eddy Vodka. Led by CEO Alex Broeker, the company plans to use new funding to accelerate user acquisition through automated loyalty and rewards programs and integrations with other mobile consumer services. TabbedOut also intends to expand into 20 new U.S. metro markets and then internationally, while advancing product development and its capability to deliver data insights to merchants and brands. TabbedOut provides a mobile application that allows customers to open, review, and pay their tab from their phones in bars and restaurants. Its POS integrations automatically gather customer purchase history and feedback to create comprehensive customer profiles and lists that operators can use to offer rewards and incentives. The app is available in thousands of locations nationwide and integrates with over 70% of US hospitality POS providers. TabbedOut was launched in 2009 and is led by CEO Alex Broeker. The company says it will use the new funding to accelerate growth and expand nationally and is hiring. To date the company has raised over $13m in funding. Tabbedout offers iPhone and Android apps that let users open a tab, securely store encrypted credit-card data on their phone, and pay restaurant or bar bills from the device. The app sends encrypted name and card information to a merchant’s point-of-sale system, supports split payments, tip entry, social sharing, and emails receipts for tabs opened via the app. Tabbedout has enabled thousands of mobile payments across a network of bars and restaurants in 20 states and 90 cities, and has doubled both its staff size and national footprint since October. The company recently announced that major POS vendor MICROS will embed Tabbedout into its POS offering, which should increase merchant adoption. Tabbedout plans to use its new funding to expand integrations with point-of-sale systems and grow its restaurant footprint. The company’s security approach stores card data on the user’s device, encrypted and protected by passphrase, rather than on Tabbedout’s servers. TabbedOut is an ATX Innovation mobile app that allows people to pay restaurant and bar tabs. The app is live at over 90 restaurants and bars in 28 cities, including Austin, Dallas, Denver, Houston and Chicago, and is available on iPhone and Android. TabbedOut raised a $2.05M Series A round from New Enterprise Associates. This funding follows a $750,000 angel round and brings the company’s total capital raised to $2.8M. The new capital will be used to expand nationally, continue to extend the product’s hospitality partner network, and enhance TabbedOut’s mobile payment technology. In connection with the funding, NEA General Partner Scott Sandell and Venture Partner Jimmy Treybig will join TabbedOut’s board of directors.

• Leaf

  Led · Equity · Oct 2013

  Leaf builds a commerce-focused tablet and software platform marketed to retail stores, restaurants, and other local merchants. Its LeafPresenter hardware includes a magnetic stripe reader, NFC, EMV capability, and front- and rear-facing cameras to accept payments via cards, gift cards, PayPal, LevelUp, and mobile wallets. LeafBusiness is a cloud-based business analytics and management portal that provides insight for small business owners. The Leaf Appstore, currently in beta, is designed to enable developers to build applications that run on the LeafPresenter and integrate with LeafBusiness. Led by co-founder and CEO Aron Schwarzkopf, the company plans to use funds to advance manufacturing of the LeafPresenter and expand its developer and employee teams to grow LeafBusiness and the Appstore. Heartland Payment Systems has also joined Leaf’s network of distribution partners. Leaf builds a payments service that sends paperless receipts to customers and stores transaction data in the cloud for merchants. The product can be integrated as an app into a merchant’s existing point-of-sale terminal or used via a special terminal that Leaf leases for $20 per month. Leaf says merchants do not need to change payment providers; all data is encrypted and routed through a Level 1 PCI-compliant payments gateway. The company has begun an alpha with more than a dozen merchants in Boston and plans to launch a consumer iPhone and Android app in two weeks. Leaf was co-founded by recent Babson and MIT graduates Aron Schwarzkopf and Sebastián Castro Galnares and has recruited senior payments and technology executives to its team. With $1M in seed funding, the team prototyped a point-of-sale terminal for under $250,000 and is positioning itself against incumbents like PayPal, Intuit, Square, and iZettle.

No current team members are available.