Arryved, the leading point-of-service (POS) provider for craft food and beverage establishments, announced that it has closed $20 million in financing. The latest investment, led by Tribe Capital and Foundry Group, follows Arryved’s May 2021 addition of Loren Bendele as chief executive officer.
With its latest fundraising round, the company plans to accelerate its footprint in the food, beverage and entertainment technology sector and innovate its product developments in response to industry needs.
“Consumers are looking for experiences. It’s our mission to help our customers provide their guests with the highest quality interactive experiences,” said Bendele. “We are proud of the fact that we have the highest customer satisfaction in our industry, and this investment will allow us to continue to help more customers grow their businesses and deliver great hospitality.”
Since the beginning of 2020, Arryved has doubled its customer base while earning customer satisfaction scores that are 200-300 percent higher than the next leading competitors. It has also launched two new products: Arryved Online and OpenTab. Arryved Online gives Arryved customers the potential for a new revenue stream through an online storefront, while OpenTab offers a unique contactless POS option that elevates the in-person guest experience.
“We are thrilled to invest in the Arryved team and to help the company grow into the leading provider of hospitality technology,” said Ted Maidenberg, co-founder and general partner at Tribe Capital. “I invested in and served on Loren’s board at Savings.com, which was acquired by Cox Media Group, and it’s great to be working with him again. Based on Arryved’s customer reviews compared to competitors in the space, it is clear to us that this is the team to bet on to continue to earn customers in the hospitality industry.”
“Arryved has continued to outperform projections, even during the Coronavirus pandemic,” said Ryan McIntyre, managing director and co-founder at Foundry Group. “We’re thrilled to participate in this latest round of funding and to continue to support Arryved’s impressive growth in such a vibrant and attractive market.”