Appetize, a US-based point-of-sale (POS) technology developer backed by marketing firm R/GA, has secured $20m in a series B round led by private equity firm Shamrock Capital Advisors.
Silicon Valley Bank also participated in the round, which boosted Appetize’s overall funding score to more than $45m.
Founded in 2011, Appetize provides cloud-based POS software that helps merchants in sectors such as the event promotion, retail and restaurant industries process payments and manage their stock inventories.
The company’s offering includes a self-service app and kiosks, 24/7 assistance for clients, and a back-of-house management system. The cash will be used to enhance the platform’s retail, restaurant and self-service functionality, and to develop better data, analytics and inventory capabilities.
Appetize received $20,000 in 2015 through its participation in the sports and entertainment accelerator run by baseball franchise the Los Angeles Dodgers and R/GA, which is part of the Interpublic advertising group.
Shamrock subsequently led a $20m round for Appetize in December 2016 that included sports business development services provider Oak View Group and unspecified additional investors.
Max Roper, co-founder and chief executive of Appetize, said: “Since inception, Appetize has focused on bringing a combination of innovative and reliable POS products to the enterprise customer first, and the results validate that focus.
“We are replacing legacy competitors at record speed and driving leading initiatives like self-service and mobile ordering to big brands. This additional investment gives us even more ability to grow and capture significant market share.”