Grazzy, a digital payments platform for hospitality and service-focused businesses, announced the completion of a $4 million Seed round with participation from AZ-VC, In Revenue Capital, Iron Skillet Partners, Tuesday Capital, and Next Coast Ventures.
The latest funding round will help Grazzy expand its team, accelerate new customer onboarding, and scale partnerships, integrations and go-to-market strategies for continuing the company’s exponential growth.
And Grazzy has grown its customer base 100 times in the last 18 months, which is a reflection of confidence in the hospitality market that digital tipping is a powerful tool for labor retention, and that Grazzy’s uniquely flexible and scalable solution is the best fit for large enterprises. And the trust in Grazzy was further reinforced recently when the company became the only digital tipping provider to be approved by all four of the major global hotel brands.
Grazzy’s platform has proven clear benefits to its customers, enabling businesses to improve employee satisfaction and retention through efficient and same-day payment solutions. And by addressing the industry’s need for modern, secure tipping options, Grazzy helps companies save on recruitment and retention costs while ensuring that front-line workers receive their earnings promptly.
KEY QUOTES:
“We’re meeting a seriously understaffed market with a solution that can truly deliver more money, more often to front-line employees. On the Grazzy platform, we’ve moved millions of dollars directly to thousands of worker wallets. And we did that while saving our enterprise customers thousands of dollars a month in recruitment and retention costs. This latest funding will support new customer acquisition, feature development, and ecosystem partner integrations that will further accelerate Grazzy’s remarkable growth.”
- Grazzy Founder and CEO Russell Lemmer
“Carnation Auto Spa has experienced a remarkable boost in employee take-home pay since partnering with Grazzy. We’ve seen a 5x increase in tips and a 4x increase in the total value of tips earned by our staff. The addition of digital tipping options has also significantly improved safety across our 20+ locations in the Dallas-Fort Wortharea by minimizing the amount of cash on-site and reducing the risk of theft.”
- Drew Shepard, Operating Partner at Iron Skillet Partners and CEO for Carnation Auto Spa
“AZ-VC is delighted to invest in Grazzy’s latest funding round. They are a power player in the market, offering modern solutions compared to the outdated habit of tipping cash. Grazzy’s ability to quickly and seamlessly scale across different areas and size of service makes them a valuable partner to any business looking to incorporate digital tipping solutions.”
- Ashok Santhanam, Venture Partner at AZ-VC
