GoTab announced Tuesday it has closed on a $18 million Series A funding round that will help scale its digital ordering and payment product suits for restaurants, hotels, bars and event venues.
The capital infusion, led by Truist Ventures, marks the largest funding round to date for the Virginia-based hospitality commerce platform.
According to the company, the investment will support GoTab’s development and execution of its growing end-to-end product suite for the hospitality sector, stadium and entertainment venues. This includes further enhancement of its handheld point-of-sale (POS), kitchen display system (KDS), kiosk, mobile ordering, radio-frequency identification technology and payment solutions.
The funding round will support further enhancement of GoTab’s handheld point-of-sale, kitchen display systems, kiosk, mobile ordering, radio-frequency technology 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 at 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 says its platform enables operators to “run lean, profitable businesses while also providing customized and enhanced guest experiences,” adding that its products drive increased transactions across merchants with customers seeing “an average check increase up to 40 percent, with food halls often seeing an increase of over 100 percent.”
“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 co-founder 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.”
Founded in 2016, GoTab processes over $500 million in gross merchandise value annually with its tech operations present in about 1,500 locations across 39 U.S. states and Canada.
