A Tampa fintech company has closed a $20 million funding round.
The round, announced Thursday, was led by Massachusetts-based Eastward Capital Partners. Mad Mobile offers restaurants and retailers software that covers the entire point of sales process, from mobile ordering to self-checkout.
The latest funding will go toward developing the company's technology, with a focus on point-of-sale and payments. Company officials also plan to use the funding to fuel commercial market growth.
"Major retailers and restaurants are seeing significant sales lift and valuable labor efficiencies when they deploy the Mad Mobile platform as a full commerce solution or on top of legacy [point of sale] systems," said Bruce Bennett, Mad Mobile CEO, in a statement. "This investment acknowledges the sizable market opportunity before us as traditional point-of-sale evolves ... for both online and in-store."
This is the first funding for the company, according to documents filed with the U.S. Securities and Exchange Commission. It is sizable for the region; out of thousands of deals in 2021, only eight startups closed rounds that were $20 million or larger.
Mad Mobile's funding comes six months after the company announced it would take over more than 50,000 square feet of space previously used by PwC. The long-term sublease is for MetWest III, part of the mixed-use MetWest International district near International Plaza. The company has roughly 400 employees and offices in the Seattle area, Houston, Buenos Aires and Sri Lanka.
In addition to office growth, the company has acquired multiple companies in the last few years. In 2020, it acquired Raleigh-based CAKE, a restaurant tech company owned by Sysco Corp. In 2021, it acquired Washington-based fintech company TableSafe. Both deals were for undisclosed amounts. In 2021, Tampa Bay Inno named Mad Mobile as a startup to watch.
