While we have not seen the SEC filing, or an official statement from TabbedOut, TechCrunch is reporting today that TabbedOut has raised an additional $3.7M, perhaps as an extension of their Series A financing. Back in October we wrote about their $2M Series A, which added to their angel financing of $750K brought their total funding to $2.8M. Now with this additional $3.7M, their total financing is up to $6.5M.
Today’s story in the Statesman leads with their newly announced integration with MICROS, a leading point-of-sale system manufacturer. The additional financing information can be found further down the page.
It’s a frothy market out there folks. It’s starting to feel like 1999 all over again. So if you can raise that money, file that IPO, get acquired at a solid valuation, or do that deal, my advice is to get it done. With the price of gas heading to $5 gallon, money is going to be sucked out of the economy at a rapid pace. Add to that an election cycle, and revolution breaking out all over the middle east, and you never know when this will all come to a sudden and abrupt halt.
Back to the story at hand, it’s going to be a waiting game. Consumer penetration of check-in systems (foursquare, Gowalla) is super small. Consumer awareness and demand for mobile payment and ordering at bars and restaurants is behind that, although may provide a lot more value than a simple check-in.
If you ask the average consumer if they envision using their mobile to order and pay their tab 5 years from now, almost 100% will say “absolutely.” It’s almost a certainty that this will exist, and be widespread. So the question then becomes who will have the capital, marketing, and leadership to own that market when it matures. Solid financing certainly increases the odds in TabbedOut’s favor.
Disclosure: I am an advisor to SpeedMenu.