Revel announced that it has received a $13.5 million investment from ROTH Capital Partners, which is a relationship-driven investment bank with ties to the company. This funding round brings its total Series C round to $110 million. Welsh, Carson, Anderson & Stowe led the C-1 round in November 2014, and Intuit led the C-2 round in December.
“We have a close relationship with ROTH,” said Lisa Falzone, Revel co-founder and CEO. “We were not able to accommodate ROTH’s investment in the C-1 or C-2 rounds, but we are pleased that we could do it now. Investor interest has remained very strong at ever-increasing valuations, and while we cannot accommodate all investors, we are pleased to welcome ROTH to Revel now. Given our accelerating organic growth in SMBs and enterprises and our strategic relationships with industry leaders like Intuit and Apple, we now have to prepare for growth that is beyond our earlier predictions.”
The company said the funding will be put toward its global expansion plans to “support large enterprise engagements within both existing and new verticals.” This means bringing its next generation POS across SMB and enterprises. Its point-of-sale platform is currently being used in tens of thousands of locations across the U.S. and abroad, the company said.
“While looking for a strategic investment in commerce, we came to understand that Revel’s cloud-based POS platform is uniquely positioned to control payments and commerce, not just in physical stores but across the whole omni-channel,” said Gordon Fallone, Managing Director at ROTH Capital Partners. “Revel’s POS platform is uniquely scalable, from small SMB locations with one terminal to large enterprises with high volumes and multiple terminals. We have recently seen Revel selected by industry leaders as their POS platform of choice for both SMB and enterprise applications, and we have seen the Revel platform displace Micros and NCRs in some of the largest global enterprise chains. It is unusual to find a company with huge technology leadership and no effective competitors, and Revel’s growth potential and market positioning are amazing. We are pleased to be a part of Revel’s growth story going forward.”
Revel’s POS platform includes complete front-end order entry, cash register and payment processing, along with back-end personnel scheduling, time clock and payroll management, inventory management, comprehensive product/menu management, and advanced reporting — all intended to measure and optimize business performance.