Sydney-based e-commerce startup Beat the Q Posse has secured AU$5 million from Westpac backed venture capital firm Reinventure and Sydney-based investors Exto partners.
With its Series A funding cash at hand, Beat the Q Posse's crown jewel is about to undergo a name change, dropping Beat the Q to rebrand itself on August 10 as Hey You.
Beat the Q Posse co-founder Rebekah Campbell said that the new app combines the best of the company's three products and will enable users to order, pay, gain loyalty benefits, discover new places and connect with storeowners from the one place.
"We're looking forward to launching new features such as group ordering and beacon enabled table service," Campbell said.
"There are so many ways technology can improve the way we discover, transact and interact with shops and we're excited to be working with great partners to bring our vision to the world."
Beat the Q Posse is the result of a merger between the Campbell-founded online multi-city shopping platform Posse.com, coffee mobile payment platform Beat the Q, founded Adam Theobald, and coffee on the go loyalty app eCoffeeCard.
eCoffeeCard was snapped up by Beat the Q in February last year, seeing the merger of the two products form a cafe payment and loyalty system all in one.
"Consumers and shop owners are being bombarded with retail-related apps from coffee ordering to loyalty programs to bar tab apps," Theobald said. "We believe consumers and merchants want one app that can do it all, and that's part of the vision behind this merger."
Theobald said that he and Campbell have accomplished a great deal since the merger.
"We've tripled our customer base in six months, we're now processing more than 40,000 food and drink orders every week. We have transacted AU$10 million on behalf of our cafes."
Beat the Q Posse said that Reinventure and Exto Partners are the first institutional firms to back the Group.