TouchBistro announced today that it has closed a second tranche of its recently announced seed funding round. The $1.5 million in capital hails from Walden Venture Capital and Kensington Capital Partners.
The second tranche brings TouchBistro’s total seed round funding to date to $6 million (they raised an initial $4.5 million in late 2013).
The funding comes on the heels of a successful year for TouchBistro that saw the provider of mobile point-of-sale (POS) solutions for the food and drink industry processing approximately $500 million in transaction value in 2013 from more than 1,000 merchants, including full service restaurants, quick service restaurants, food trucks, and coffee shops.
“With this injection of funding, TouchBistro now has the backing of three highly respected and top performing venture capital firms, and is very well positioned in the food and drink industry,” says Alex Barrotti, CEO of TouchBistro.
“We are seeing tremendous momentum in this market, reinforced by some very encouraging market research," he added. "This translates into a huge opportunity for TouchBistro.”
According to the 2014 POS Software Trends report, when restaurants are asked to choose the top features they're seeking in their next POS upgrade, a vast majority choose mobile POS and the ability to enable payment options.
Since launching two years ago in the iTunes App Store, TouchBistro POS has been ranked as a top-grossing food and beverage app in 27 countries. The company has aggressive growth and expansion plans that include establishing a local presence in key markets, and doubling its customer base in the next 12 months.