Media group TimeOut has led a $10.7m series A round for UK-based food and hospitality payment app developer FlyPay, TechCrunch reported today.
The other investors in the round, which follows a £1m ($1.6m) investment by Entrée Capital in March 2014 and £150,000 in seed funding from unnamed backers, were not disclosed. It is the first corporate venturing activity TimeOut has publicly revealed.
FlyPay’s core product is an app that allows restaurant patrons to settle their bill from their table without going through a member of the service staff. It has since added features that enable users to place orders in restaurants, or for collection, and which provide loyalty rewards.
Tom Weaver, Flypay’s CEO, said: “It has been a phenomenal two years for the business, as operators within the hospitality industry look to become early adopters of our technology to greatly enhance the dining out experience for their customers.
“This investment, coupled with a strategic partnership with TimeOut, will allow us to rapidly deploy our solution for both operators and users around the world.”