San Francisco-based iPad point-of-sale (POS) platform developer Revel Systems has secured $100 million in Series C funding, with Revel Australia general manager Josh Franklin indicating that some of the new funds will go towards building the company's footprint in Australia.
"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," said Franklin. "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," he said.
The company, founded in 2010, raised the funding with backing from New York City-based private equity firm Welsh, Carson, Anderson & Stowe (WCAS) and other strategic investors, and includes an initial $65 million investment from WCAS and an additional $25 million equity line available from WCAS.
Revel said in a statement that it expects to use the funds to "bolster support and operations to meet fast-growing sales and high demand for its best-in-breed iPad POS platform".
Sanjay Swani, a general partner at WCAS and co-head of the WCAS information/business services industry practice, will join Revel's board of directors.
"We're very excited to welcome WCAS as an investor and Sanjay to our board of directors," said Sean Tomlinson, Revel chairman. "We couldn't have picked a better partner to launch Revel into the next phase of growth.
"Their deep investment expertise in the B2B services and payments industries, plus their proven track record for fuelling 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," he said.