Appetize, the modern point-of-sale (POS) company transforming foodservice and retail payment technology for major venues at scale, announced today that it raised $20 million in Series B funding.
This brings the company’s total funding to date to over $45 million. The round was led by Shamrock Capital Advisors, with additional financing provided by Silicon Valley Bank. Appetize will leverage these new funds to drive nationwide growth, onboard large clients, and enhance the platform’s retail, restaurant, and self-service functionality.
Appetize has been delivering faster, easier-to-use payment technology to enterprise businesses like arenas, stadiums, convention centers, theme parks, campuses, and chain stores since 2011. Founders Max Roper, Kevin Anderson and Jason Pratts lead an experienced management team and over 200 employees out of a new headquarters in Playa Vista, California. Last year, Appetize saw 100 percent annual revenue growth and a greater than 70 percent sales win rate.
“Since inception, Appetize has focused on bringing a combination of innovative and reliable POS products to the enterprise customer first, and the results validate that focus,” said Max Roper, co-founder and chief executive officer, Appetize. “We’re replacing legacy competitors at record speed and driving leading initiatives like self-service and mobile ordering to big brands. This additional investment gives us even more ability to grow and capture significant market share.”
Appetize delivers tablet, cloud and mobile technologies to an enterprise POS world untapped by new players. The platform is doing so in a way that also enhances security, reliability, redundancy, inventory management and increased guest analytics. Appetize boasts an impressive roster of clients, including Madison Square Garden, Live Nation, Ole Miss University and thousands of the largest global foodservice and retail enterprises.
“Appetize’s cloud-based POS solution has been integral in improving the fan experience, and in particular, improving wait times in concession and merchandise lines,” commented Andrew Howard, partner, Shamrock Capital. “Our additional investment will be used to further enhance the Appetize technology platform, enabling venue operators to have increased data and analytics capabilities as well as inventory controls, which has consistently proven to drive significant revenue uplift.”
The dual platform (Android and iOS) product suite includes fixed POS, handheld POS, self-serve kiosk, mobile and online ordering, as well as back of house enterprise management and reporting. Appetize represents two of the fastest growing subsets of technology: POS and mobile payments — a market projected to grow by 400 percent over the next four years. The company is quickly outpacing systems from traditional competitors including Oracle Micros, Agilisys and NCR.