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.