Aug 5, 2023 2 min read

GoTab Closes $18 Million Series A Led by Truist Ventures

The hospitality sector, stadium and entertainment venues are getting a revamp thanks to GoTab!
GoTab Closes $18 Million Series A Led by Truist Ventures
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If you've ever been to the Brooklyn Mirage (or any other cashless venue) you may remember a fun evening of endless drinks and easy payments. I'm sure the next morning you took a look at your bank account and said "jeez I had a great time." We've all been there and unregretfully so. And you might want to thank (or blame) RFID technology for that. One of the coolest things I've experienced, and by cool I mean I felt super hi-tech scanning my wristband to pay for my drink without having to take my phone out. For my hi-tech friends I'm sure you've seen this in many places now but I think we all remember our first time (yes, I still mean scanning the RFID bracelet).

When Branded first invested in GoTab we immediately saw the tremendous impact their technology could have on the industry. It may sound cliche but you can't beat Tim McLaughlin and the team. Team - that's one word that has been thrown around the Bworks office this week. We always say that you don't just invest in the company you invest in the team. Do you see the passion, the hard work, comradery, and ultimately if they have what it takes to play the long game? Well, this never came into question with the GoTab team and we're thrilled to see that the Truist team saw this too.

If you couldn't already tell, we are all tremendously impressed by the progression of the GoTab technology, which is why it comes as no surprise that they just closed their series A at a whopping $18M lead by Truist Ventures.

“GoTab is a dynamic platform in the hospitality industry. Its unique and adaptable system draws on the team’s diverse background in operations and logistics to enhance business efficiency and significantly improve guest experiences,” said Tarun Mehta, head of corporate development at Truist Ventures.

Nothing is easy right now in the startup world, but the easiest thing I'll say all week, and to close out the week, is that they got something here.

This investment is going to take GoTab's game to new heights. The team intends to use the investment to continue developing and executing an incredible end-to-end product suite for the hospitality sector, stadiums, and entertainment venues. This means even more enhancements to their handheld point-of-sale, kitchen display system, kiosks, mobile ordering, and their radio-frequency identification technology.

Their platform solutions are already driving increased transactions across merchants with customers seeing average checks increase up to 40% and food halls often seeing an increase of over 100%. Their flexible platform enables operators to run lean, profitable businesses while also providing an enhanced guest experience.

It's an exciting time for the world of hospitality technology. I encourage everyone to check out the GoTab solution here and learn more about their latest raise to see all the fun things we can expect in the near future.

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