Just months after raising $18 million in a Series A funding round, Arlington restaurant tech startup GoTab Inc. is eyeing a Series B round in which it hopes to land up to $50 million in fresh financing.
Co-founder and CEO Tim McLaughlin told Axios in an interview this week that he is looking to raise the funds this summer and would use the proceeds to continue the company’s expansion in North America, the U.K. and Australia. The 7-year-old company, which develops a range of payments and ordering technology for restaurants, hotels and food halls, has so far raised about $27.5 million in lifetime funding, McLaughlin told Axios.
We’ve reached out to GoTab for more information about the timing of a Series B and plans for the proceeds and will update the story when we hear back. A $50 million raise would value GoTab at nearly $200 million, Axios reported.
GoTab’s Series A round, which closed in August, was led by Truist Ventures, the venture capital arm of Charlotte-based Truist Financial Corp. (NYSE: TFC).
McLaughlin told the Washington Business Journal at the time GoTab would use the funding to expand its sales and marketing teams, pursue more geographic expansion, and continue building out its technology. The company’s tech ranges from handheld point-of-sale systems that allow wait staff to process payments at customers’ tables and QR code tech that lets customers place orders and make payments directly from their phones to kitchen display systems that help restaurants track inventory.
The company, which had about 75 employees as of last summer, generated revenue of $10 million in 2022, and was on pace to more than double its revenue in 2023, McLaughlin told us.
