The hospitality, event, restaurant, and bar industries are not merely sectors of the economy – they are vibrant reflections of culture and communities. They often serve as the stages where life's most memorable acts – first dates, business deals, family celebrations – play out. These industries are also a gateway into the workforce for many.
The hospitality industry is a vital economic powerhouse, employing millions and contributing substantially to the national GDP. And in an age of digital disruption, the industry is also consistently innovating and transforming how we order, eat, and share experiences.
Front and center of that digital disruption are Point-of-Sale (POS) systems. Presently, the hospitality and restaurant sectors have a myriad of POS providers, fueled by an uptick in offerings from vertically integrated software vendors (ISVs). These ISVs, often providing complimentary management software, are rapidly evolving into the central operating hub for businesses, relying primarily on payment facilitation for revenue.
With such a broad array of choices, hospitality businesses face the daunting task of selecting the most fitting POS provider. They seek providers that comprehend and meet their business model requirements, possess local market insights, and ensure that the enabling hardware costs and maintenance remain affordable and manageable.
On top of that, POS companies historically have not been easy to integrate with other solutions. This leads operators to decide whether they overhaul their existing technologies or have multiple software systems and hardware taking up time and space while overcomplicating processes for employees.
This is why Truist Ventures, in collaboration with Truist Merchant Services, is thrilled to be leading a Series A investment in GoTab, a complete POS solution redefining hospitality norms.
Led by Tim McLaughlin, a successful serial entrepreneur and Business Insider Restaurant Tech Power Player honoree, GoTab integrates its end-to-end logistical solutions with multiple-vendor capabilities, optimizing business operations and customer experiences. The company’s versatile platform provides POS and payment capabilities, as well as other common solutions for the hospitality industry, including kiosk solutions, kitchen display systems (KDS) and mobile ordering features. Each of these solutions is uniquely compatible with a company’s existing hardware as well as GoTab's branded hardware, creating a tailored, highly flexible setup.
GoTab allows operators to focus on enhancing guest experiences, driving operational efficiencies by unifying all orders into a customizable view and enabling flexible routing and live menu updates.
As for the guest, GoTab offers an appealing, intuitive interface, allowing each guest to personalize their experience, including how hands on – or off – they’d like their visit to be. Further, the RFID ‘GoTab Pass’ solution and QR-based, contactless mobile ordering and payment system allows guests to order at their convenience and use a simplified, automatic payment process. Guests can use the service to easily complete multi-vendor purchases and seamlessly open, add to, and split tabs.
Similar to its adaptation of QR codes prior to their widespread popularity, GoTab continues to pioneer a new standard in hospitality and restaurant service. Their focus on running lean, profitable operations while also providing an unparalleled on-premise experience for guests is a compelling value proposition for operators and their teams.
As part of our investment process, Truist Ventures worked closely with Truist Merchant services to understand the unique opportunity GoTab presented for Truist clients.
“GoTab is a dynamic platform in the hospitality industry. Its unique and adaptable system draws on the team’s diverse background in operations and logistics to enhance business efficiency and significantly improve guest experiences. Truist works with clients across the payments industry and believe in GoTab’s vision to enhance how guests interact with operators from their initial impression to a seamless payment transaction.” – Tarun Mehta, Head of Corporate Development and Truist Ventures
Over the past two years, GoTab frequently met with Truist Merchant Services, ultimately helping to validate a critical strategic decision GoTab made to build its own POS system, a key factor in Truist Ventures' decision to back the company:
"Truist has deep domain experts across payments, merchant services, and many other key areas important to GoTab. Receiving backing from a top-tier U.S. bank like Truist is a powerful endorsement of our market position, and we look forward to this next phase of growth for our company." - Tim McLaughlin, CEO & Co-Founder of GoTab
Truist Ventures seeks out companies that drive innovation, deliver impactful solutions, and support their communities; this investment in GoTab is a testament to these values. Our collaboration represents the myriad ways Truist can contribute to the evolution and expansion of mission-driven, disruptive startups.