Kris Singh was a happy SpeedETab customer, using the app in local restaurants. Now Singh is the latest investor in the Fort Lauderdale-based mobile ordering and mobile payment startup.
SpeedETab received $650,000 in seed round financing from Singh’s AVenture Capital, a multi-family office in Miami Beach. The funding will accelerate the company’s expansion into new markets, beginning with New York this spring, and expand the company’s enterprise offerings, said SpeedETab CEO Adam Garfield.
SpeedETab, co-founded by Garfield and chief technology officer Ed Gilmore, brings mobile ordering, mobile payment and analytic tools to hospitality merchants of all sizes. Its mobile ordering platform, integrated with Apple Pay, Quickbooks and other partners, identifies customers by face and name. Merchants can view real-time sales and customer data from any device, and update menus any time. Since launching in March 2015, SpeedETab is now used in nearly 100 locations across South Florida, including coffee shops, fast casual restaurants, bars and hotels.
“SpeedETab and its founders have the technological innovation and vision required to be a leader in the sector,” said Singh, founder and managing partner of AVenture Capital, which is active in the asset management, technology, financial services, media, automotive, healthcare and materials sectors. “I fell in love with the SpeedETab app after learning about it and using it at local restaurants in Miami Beach.”
Last month, SpeedETab announced its expansion into the hotel market, including service at poolside and to beach cabanas. That included a partnership with the South Beach Group, which owns and operates 13 hotels in Miami Beach and Hollywood, including the Catalina, The Riviera South Beach, Hotel Croydon and the Whitelaw Hotel.
Garfield said the way guests typically order at poolside and beachside was archaic. “If we can take a 20-minute order process and cut it in half, that has a tremendous impact on the guest experience and on the hotel’s bottom line.”
Last summer, Garfield appeared on the premier episode of CNBC’s West Texas Investors Club program, and received funding.