Revel Systems, one of the leading iPad Point of Sale (POS) platform has secured additional funding of $13.5 million as part of series C round of funding through which it raised $65 million last year. The funding round was led by ROTH Capital Partners, who are closely affiliated to Revel. This funding increases Revel’s Series C funding to around $110 million.
Revel Systems provides an iPad point of sale solution to be used in restaurants and retail establishments. The platform includes applications like employee login, order taking, order details, payment processing, cook view/ expedite view. Till date the company has around 14000 to 15000 terminals installed and that number is increasing by 1000 every month.
“We have close relationship with ROTH,” said Lisa Falzone, co-founder and CEO of Revel. She added, “We were not able to accommodate ROth’s investment in the C-1 or C-2 rounds, but we are pleased that we could do it now. Investor interest has remained very strong at ever-increasing valuations, and while we cannot accommodate all investors, we are pleased to welcome ROTH to Revel now. Given our accelerating organic growth in SMBs and enterprises and our strategic relationships with industry leaders like Intuit and Apple, we now have to prepare for growth that is beyond our earlier predictions.”
Gordon Fallone, managing director at ROTH Capital Partners said, “While looking for a strategic investment in commerce, we came to understand that Revel’s cloud-based POS platform is uniquely positioned to control payments and commerce, not just in physical stores but across the whole omni-channel.”
With the fresh funds, the company plans to boost global expansion and target at the European and Asian markets where it clients have franchises, said co-founder and chief technology officer Chris Ciabarra. It also plans to include variety of features in its software to take care of the deliveries and shipping apart from the payment processing to stay different from the other POS systems in the market. Recent, the company has been recognized as the leader of the new generation POS industry in both small scale businesses and larger enterprises.