Mobile payments firm Mad Mobile Inc. has raised $20 million in financing from Eastward Capital Partners.
This capital infusion will accelerate further development of Mad Mobile's technology platform for modern point-of-sale and payments and will fuel commercial market growth, company officials say in a statement. The company works with more than 21,000 major retail and restaurant locations, with a customer list that includes Ralph Lauren, Tractor Supply, Meijer, Texas Roadhouse, Talbots, Aramark, Estee Lauder, Signet Jewelers, PF Chang's, Brooks Brothers, Urban Outfitters, Ike's Love & Sandwiches, Pandora, Snipes and West Marine.
"Major retailers and restaurants are seeing significant sales lift and valuable labor efficiencies when they deploy the Mad Mobile platform as a full commerce solution or on top of legacy POS systems," Mad Mobile CEO Bruce Bennett says in the release."This investment acknowledges the sizable market opportunity before us as traditional point-of-sale evolves into a Connected Commerce experience for both online and in-store."
Mad Mobile's platform, which processes more than $3 billion in payments annually, offers retailers and restaurants a complete solution for modern point-of-sale with mobile POS, mobile ordering, self-checkout, clienteling, mobile fulfillment and contactless payment.
Founded in 1994, the West Newton, Massachusetts-based Eastward Capital Partners is a provider of private debt financing to technology-enabled companies. Since its inception, Eastward has provided financing solutions to more than 160 companies across a variety of industries.
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