Mad Mobile, the maker of the Cake POS system for restaurants, closed a $50 million financing deal with a pair of tech-focused investors, the company announced Tuesday.
Morgan Stanley Expansion Capital and Bridge Bank are managing the funding, which Tampa-based Mad Mobile will use to expand its technology, refinance debt and grow sales.
It follows a $20 million fundraise from Eastward Capital Partners early last year.
Mad Mobile, which offers a POS system, payment processing and a range of front- and back-of-house features, said it has seen “significant growth” amid the shift to mobile ordering at restaurants. It has spent the past two years adding features, such as a kitchen display system and loyalty programs, and will soon roll out a delivery system and marketing tools.
Founded in 2010, the company works with large restaurant chains as well as retailers across more than 21,000 locations. Brands including Texas Roadhouse, Ike’s Love & Sandwiches and P.F. Chang’s use Cake.
Mad Mobile is one of a growing number of POS companies positioning themselves as “all-in-one” tech providers for restaurant chains, a response to the overwhelming spread of tech options coming out of the pandemic.
“We are excited to begin our collaboration with Morgan Stanley Expansion Capital and Bridge Bank as we further broaden our reach into more restaurant and retail markets,” CEO Bruce Bennett said in a statement.
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