New round of capital will help scale digital ordering and payment product suite for restaurants, hotels, bars and event venues
GoTab, a leading hospitality commerce platform, 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.
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“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%.
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“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.”
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