Mobile payment start-up Dash raises $1.2 million seed round
28 February 2014 | 2076 views | 0
Dash, a mobile payment platform for restaurants, bars, and clubs, that allows patrons to check-in, view, split, and pay their tab from the Pay with Dash smartphone app, announces today that it has raised $1.2 million in a Seed-2 round, bringing its total seed fundraise to $1.9 million.
Existing investors including New York Angels, Caerus Ventures and Jonathan Segal, Founder and CEO of The ONE Group, participated in this round, with new investment from Mike Germano, CEO of Carrot Creative.
"The growth of the mobile payments industry is evident- and it's here. Pay with Dash provides a 360-degree mobile payments solution for both vendors and patrons," says co-founder at Dash, Jeff McGregor. "We've managed to streamline the process and seamlessly connect the consumer-facing app with the back-end app built for venue owners or managers, similar to the Uber app for their users and their drivers. With these new funds, we will be rapidly expanding our partner network in New York and hope to launch in several new cities before the end of the year."
Coinciding with the new fundraise, Dash also released today a iOS 7 update for the Pay with Dash app that incorporates location-aware BLE to automatically check-in patrons as they walk into a venue. Additionally, a stored credit system allows both Pay with Dash users and venues to pay with and offer credit that can be used towards any Dash tab.
Participating restaurants in Manhattan where people can Pay With Dash includes: Agave, Los Feliz, Edward's, Tammany Hall, Opal, Village Lantern, The Royal, Dukes (USQ), Dukes (3rd Ave), Big Daddys (USQ), Big Daddys (2nd Ave), Big Daddys (Broadway), City Crab (USQ), Barn Joo, Clinton St Baking Co, Barramundi, and more.
Pay With Dash launched last November in New York City with a mission to overhaul the traditional restaurant payment process to streamline a solution that allowed groups of friends to pay for restaurant bills and bar tabs seamlessly via their smartphones. With Pay With Dash, users can check in at any point while they're at the venue to see their bill in real time as they place their orders. Pay With Dash effectively removes the need to ask for the bill at the end of the night and also eliminating the hassle of splitting the bill.
For restaurant and venue owners, Pay With Dash also offers a back-end solution called DASHBoard that connects with its consumer-facing app to become the first mobile payment system to incorporate patron data right next to the POS system. Using an iPod that is connected to the POS system, DASHboard allows for the seamless incorporation of the platform into existing staff processes.