Austin – Tabbedout, the developer of an app that lets users
view and pay their bar and restaurant tabs through a smartphone, said that it
has raised $5.75 million in its first round of funding, led by New Enterprise
Associates.
The company, which has doubled both the size of its staff and its
national footprint since closing its first tranche of funding in October, said
it will use the latest funds to increase consumer awareness and spur adoption
in key markets.
Available for free on both the iPhone and Android platforms, the
Tabbedout app allows users to store encrypted credit card information directly
on their phones, instead of on host servers.
Scott Sandell, a general partner
at NEA, has joined the company’s board of directors.
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