- Digital guest experience platform Paytronix announced it raised $10 million in funding led by Great Hill Partners and the company’s cofounders
Digital guest experience platform Paytronix announced it raised $10 million in funding led by Great Hill Partners and the company’s cofounders. This round of funding was designed to ensure that the company is on solid financial footing and will continue to provide its restaurant, convenience store, grocery, and retail clients with the tools necessary during this unprecedented COVID-19 pandemic.
The restaurant market was especially hit hard by the crisis and nearly two-thirds of restaurant workers laid off and sales dropping as much as 90% in some states. And a Paytronix examination of its customer data shows a leveling off within the industry and a recent upward trend with the hospitality market finding a baseline from which to grow.
In order to meet this new, Paytronix recently rolled out several technology updates and innovations. This includes
1.) Rapid-Launch Order & Delivery – Enables restaurants to get a simple online-ordering-and-delivery model up and running within 2 weeks
2.) Touchless payments and Loyalty – Ties NFC payments to loyalty programs with a single tap and are part of our deep integrations with Google Wallet and Apple Pay.
3.) New scoring – Helps brands quickly identify the guests most likely to take advantage of new offerings.
4.) Additional Order & Delivery features – Curbside pickup, group ordering, and point-of-sale integrations offer our clients more options for customizing and deploying their own programs.
This funding round includes a series of investments from Great Hill Partners and Paytronix cofounders Matt d’Arbeloff and Andrew Robbins. And also investing is Open Dining founder Tim Ridgley. Open Dining was acquired by Paytronix in August 2019. And within the financing is expanded credit from Silicon Valley Bank.
Key Quotes:
“Our restaurant clients are suffering, but we’ve also seen signs of hope. We know from our experience enduring through boom and bust cycles that loyal guests help get brands through the tough times. This funding is designed to ensure that our tools will help our clients get through this crisis. We also know that restaurants need new and innovative approaches to services like mobile ordering and delivery. The COVID-19 crisis is driving remarkable innovation in the foodservice space and our goal is to be there for our clients, helping them deliver on their promises to their guests.”
Paytronix Systems CEO Andrew Robbins
“The hospitality market has clearly taken a powerful hit during this time of crisis. But right now is the time to double down on what works and invest intelligently. We believe the Paytronix team has a great vision for the future and is building products that will help operators navigate through these trying times today, as well as through the long-term recovery.
-Nick Cayer, partner at Great Hill Partners
