The Series C funding has come from New York City-based private equity firm Welsh, Carson, Anderson & Stowe (WCAS) and other strategic investors.
The round includes an initial $65 million investment from WCAS and an additional $25 million equity line available from WCAS.
The transaction sees a general partner at WCAS and Co-Head of the WCAS Information/Business Services industry practice, Sanjay Swani, join Revel’s Board of Directors.
“Their deep investment expertise in the B2B services and payments industries, plus their proven track record for fueling company growth, will help us further cement Revel as the industry standard POS solution for both small businesses and enterprise customers.
“Our industry leadership and strategic position in the commerce space have allowed us to attract a top investor and have helped us achieve what appears to be the highest valuation in our industry.”
“The Australian market is Revel’s second-largest and second-most rapidly growing outside the US, and this injection of funds will be great for our local presence. From an initial funding base of $13 million, we have been investing steadily in our Australian team over the last six months, doubling local staff members, expanding our local client base, and working on software integrations specifically for the Australian market," said Revel Australia General Manager, Josh Franklin.
“Revel has a huge technological advantage as the most competitively priced full-service POS solution that can cater to the needs of small, medium and large sized businesses or franchises. We look forward to using this fresh injection of $100 million in capital to consolidate our presence in this market and expand our local client base, which already includes well-known Australian hospitality providers like Croissant Express, GG Espresso and the Qantas First Class Lounge.”
The Revel iPad POS solution gives food service and retail SMBs and franchise operators access to a full suite of enterprise-grade operations and reporting features to help them grow their business. It includes complete front-end order entry, cash register and payment processing, plus back-end personnel scheduling, time clock and payroll, inventory management, comprehensive product/menu management, and advanced reporting to measure and optimise business performance.