Tab Commerce raises a US$1M financing round from Matchstick Ventures.
We're excited to announce that we've raised US$1M from Matchstick Ventures to help more restaurants seamlessly manage and reduce their expenses.
With this announcement, we're coming out of Beta and are beginning to expand access for restaurants across Canada and soon, the US.
Since launching into Beta in November, we've helped restaurants eliminate 85%+ of their manual back office desk work and better manage $10s of millions of expenses, ranging from food & beverage purchases, technology subscriptions, labor, equipment repairs, and much more.
The average restaurant today needs to manually manage $100s of thousands of expenses each year across a highly fragmented, constantly changing set of products and suppliers. This critical back office work is very labor intensive yet still leads to suboptimal visibility and control over expenses, and zero visibility into the opaque world of restaurant purchasing. The result is countless hours at a desk, $10s of thousands in excess costs each year and many other issues.
We're fixing these issues with the first truly automated, touchless expense control platform for restaurants - meaning we track and capture every single dollar spent directly from the source. Restaurants using Tab eliminate painfully manual back office desk work, gain real-time visibility over every dollar they spend, and get access to thousands of dollars in monthly savings. All with zero extra work or training...and especially no invoice scanning.
With backgrounds in the restaurant industry and experience across technology, finance, and more, the Tab Team is incredibly excited to continue helping restaurant operators better manage and reduce their expenses.
This round follows our first institutional raise from Mucker Capital and several angel investors in 2022.
If you're a restaurant operator interested in learning more - visit our site or send an email to our Co-Founder & CEO, Ty Wilson, at ty@tabcommerce.com.
Book a call with a member of our team to learn more, get a walkthrough of our product, and if you'd like, get started with Tab.
Our team grew up in the restaurant business, now we're building financial technology products right alongside it. See our Company Page for the full story.
Get started in minutes with no credit checks or personal liability. The Tab Card works just like any other corporate card but with the benefits of powerful spend control software built just for restaurants.
Access to the Tab Corporate Card and basic platform capabilities is free for the first 3 locations. After 3 locations, a flat fee of $25 per month per active location is applied. No hidden fees, ever. See Pricing.
Anywhere that Visa is accepted (most places). Most restaurant vendors accept cards, but some might only be available upon request.
Purchasing Cards are the same as corporate cards but can be easily assigned and segregated to a single location for all spending across food, beverage, repairs, technology, and more.
Manager Cards are the same as corporate cards but can be easily assigned to a single employee for any business-related expenses they incur. Each card is embedded with powerful controls and limits.
You can create as many users as you would like. You can have Admins who can do everything across all locations and Employees who can only see the cards that you have assigned them. Managing this is incredibly easy from within the Tab Platform.
First of, you don’t need to stop using any existing cards, you can use both. Existing corporate cards are likely credit-based, lack controls like limits, have limited software, and often only provide a single card.
This means that the card is likely only used for a portion of your total spending and is at high risk for fraud. Tab provides powerful software designed so the Tab Card can be used for the bulk of yours pending, meaning you maximize control and visibility, while earning cash back.
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