Revel Systems, a provider of iPad point-of-sale systems for restaurant, grocery and retail businesses, has secured $10.1 million in expansion capital, according to a company press release.
Funding has come from two private investors based in Asia-Pacific. Tim Tighe, former CEO of Hungry Jack's, Australia's Burger King master franchisee, and senior vice president of McDonald's Southeast Asia, has invested and will join the company's Advisory Board. Cornerstone investment has come from Sean Tomlinson, a seasoned entrepreneur and company director in Asia and Australia, who joins Revel's Board of Directors. This new round of funding will support the ongoing international and domestic expansion of the Revel System's iPad POS software, as well as including new offices in Asia and Europe. Headcount is also set to increase massively in line with the exponential growth the company has achieved since its inception in 2010.
"I am delighted to become a part of the Revel family," said Tomlinson. "Through my experience in the trenches of running and operating restaurants, I've seen that iPad-based point-of-sale software is a game-changing technology that retailers and customers both love. I expect the demand for the product to continue to grow massively over the next few years as retailers and restaurateurs move away from traditional fixed systems to cloud-based networks, and Revel is the most advanced system on the market."
"Revel Systems has been the leading technology in the point-of-sale space in the U.S. for the past couple of years, so a natural move is for the company to expand into international areas, and I'm happy to bring my expertise to the table," Tighe added.
The bulk of funds raised will go to increasing the company's sales and servicing capacity. With the company's revenue doubling over the past six months, Revel will immediately increase headcount at its San Francisco headquarters by 50 percent. The company also plans to begin construction of a new distribution center for iPad POS hardware on the west coast, in addition to its existing location in Orlando, Fla.
"As Revel has continued to build upon its growth, it became increasingly important for us to be very selective in choosing who we participated with in our next round of funding — not only from an investment perspective, but also finding personalities that are a proper fit to the Revel family who shares in our long-term strategy for the company," said Lisa Falzone, CEO of Revel Systems. "Since our last round of funding, we've reached profitability and have experienced massive growth, so we had the luxury of being selective in who we brought in to the team in order to properly continue to move the business forward."
Revel Systems iPad POS System gives businesses the ability to operate without an Internet connection in offline mode as well as a suite of robust reporting, inventory, payroll, time-attendance and integration with third parties, such as reward card companies, gift-cards companies, loyalty/reward companies and ERP systems.
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