Tiller Systems said to close $13.8m Series B, with option for additional $9.3m

Tiller Systems, a restaurant and merchant POS terminal developer, has reportedly closed a $13.2m Series B round.

Ring Capital led the investment, with participation also coming from Omnes Capital and existing backer 360 Capital Partners, according to various reports in the media.  The company has the option to raise an extra $9.3m to help it finance future acquisitions, the articles state.

France-based Tiller offers businesses a selection of POS terminals and portable payment services. The platform is also supported by a mobile app, which provides clients with analysis of their business ongoing.

Through the POS system, restaurants are not only able to accept a variety of payment methods, they can automate accounting reports, customise menus, accelerate order taking and track revenue and inventory.

This equity injection will be used to support the the development of the product and expansion into new geographies, it said.

Tiller Systems is the second restaurant-focused POS solution to raise capital this week, with Canada-based TouchBistro bagging $54m in a Series D earlier in the week.

Earlier in the year, Omnes Capital participated in the $60m funding round of Scality, a company looking to make data easy to protect, search and manage anytime. With more than 200 large enterprise customers, it plans to use the new money to invest in product development and marketing and to expand its staff.

There was $2.7bn invested into point-of-sale FinTech companies last year, with Asia holding the lion share of funding. According to data by FinTech Global, Asia represented 55 per cent of investment volume, and was followed by North America which bagged 37 per cent of equity injected in the space. Europe was responsible for just nine per cent of the total investments into the sub-sector.

Copyright © 2018 FinTech Global

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