TabbedOut Raises $21.5M, Eyes IPO

Austin-based mobile payment startup TabbedOut has raised $21.5M in a Series C funding round, and is now eyeing an IPO, the company said Thursday. The funding was led by Wellington Management Company, and also included NEA and Morgan Creek Capital Management. TabbedOut, which is led by Alex Broeker, develops software which makes it easy for restaurants and bars to maintain a running tab, and lets customers check out and pay using their mobile phone--all while integrated with existing point-of-sale systems. The company said it has now raised $39M in total. The new funds go towards accelerating user acquisition, expansion into other markets, and integration with other mobile services. The company said its systems are now installed in more than 10,000 venues in the U.S. More information »