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Exclusive: Restaurant tech startup GoTab raising up to $50 million

an illustration of a 100 dollar bill on a fork

Illustration: Aïda Amer/Axios

GoTab is raising up to $50 million in a Series B financing this summer, CEO Tim McLaughlin tells Axios exclusively.

Driving the news: The startup will see its valuation double in this round, which is notable in a difficult fundraising environment.

How it works: Arlington, Va.-based GoTab offers point-of-sale, kitchen display system, kiosk, mobile ordering, radio-frequency identification technology and payment solutions.

Catch up fast: Last August, the company closed its Series A at $18 million, in a round led by Truist Ventures. GoTab had previously told Axios it planned to raise a $15 million in the Series A.

  • The valuation at that time was said to approach nine figures, which would put the new valuation at close to $200 million.
  • GoTab has raised $27.5 million to date.

What's next: While he sees plenty of growth still to be had in the U.S., GoTab will be making more of push into Canada, the U.K. and Australia, McLaughlin says.

  • He also sees an opportunity to provide its tech to food halls.
  • GoTab's likely exit path is an IPO in two to three years, as McLaughlin says a sale would complicate its many partnerships with other companies.
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