Shopping recommendation platform, Beat the Q Posse Group, has just closed a $5 million funding round and confirmed two new investment partners, the Westpac backed venture fund, Reinventure, and venture capital firm, Exto Partners.
Its original Angel investors include venture capitalist, Bill Tai; Yahoo! Global chief financial officer, Ken Goldman; Google Maps co-founder, Lars Rasmussen; Macquarie Bank head of principal investments, Alex Harvey; Reckon founder, Greg Wilkinson; and Vocus Communications founder, James Spenceley.
The Series A $5 million funding comes months after the merger of three of Australia’s café start-ups – Posse, Beat the Q, and E-Coffee Card. The funding raised will be used for rapid national expansion, as the company’s mission is to build a dining application for Australians and significantly improve the payment process for customers when dining out.
Beat the Q Posse co-founder, Rebekah Campbell, said the new funding would be used to rapidly accelerate growth by investing in innovative product development, marketing, and scaling merchant acquisition.
“We’re looking forward to launching new features such as group ordering and beacon enabled table service. There are so many ways technology can improve the way we discover, transact and interact with shops,” she said.
Reinventure co-founder and managing director, Simon Cant, said the company looks forward to supporting Beat the Q Posse achieve that goal.
“Based on the product vision and scaling plan, we believe that the integrated product will become an indispensable tool for Australian cafes and other merchants,” he said.
The company will also rebrand its flagship application, ‘Beat the Q’ to ‘Hey You’, effective August 10. Hey You users will gain access to an upgraded app, which combines the company’s three products and will enable users to order, pay, gain loyalty benefits, discover new places and connect with storeowners.
Exto Partners managing director, Peter Hammond, claimed he expects ordering via the Hey You app to become second nature to Australian smartphone users.
“Hey You makes scrambling for cash or cards a thing of the past. Exto Partners is excited to be joining with Beat the Q Posse Group and Reinventure in bringing personable, mobile search and convenience to dining,“ Hammond said.
To support its growth, the company has also recently made a series of hires. GroupOn sales director, Paul Clifford has jumped in to lead merchant acquisition and former Big Commerce senior developer, Chaitanya Kuber is heading up the engineering team.
“We’ve accomplished a great deal since the merger late last year. We’ve tripled our customer base in six months, we’re now processing more than 40,000 food and drink orders every week, and have transacted $10 million on behalf of our cafes,” Beat the Q Posse co-founder, Adam Theobald, added.