OneTab secures heavyweight investors ahead of capital raising

Mobile payments app OneTab has forged a new partnership with the Australian Pub Fund, which is backed by heavyweight investors Mark Carnegie, John Singleton and Geoff Dixon, ahead of a fresh $2 million capital raising.

Mr Carnegie's venture capital firm, M. H. Carnegie & Co, already holds a 12.5 per cent stake in OneTab and is also an investor in APF.

The new partnership will see the OneTab platform rolled out across APF venues.

OneTab allows patrons to open, manage and close restaurant and bar tabs securely via their smartphones; facilitates real-time mobile payments; and ensures venues get paid.

OneTab co-founder Scott Cross said the partnership was an "easy decision" because of APF's access to the Riversdale Group of venues as well as its strong connections in the media.

"The Australian Pub Fund is assisting us by rolling the service out in its venues in Queensland and NSW as well as strategically helping us roll it out through the hospitality sector as a whole," Mr Cross told Business Spectator.

Mr Cross said OneTab already had a strong presence across the whole of Australia but the APF's expertise would aid its expansion.

"We are excited to work with our new partners and we feel that we will continue on this strong growth path," Mr Cross said.

Having successfully completed its first funding round 18 months ago, OneTab will shortly embark on a Series B funding round of between $1.5m and $2m to boost its local expansion as well as to expand overseas.

Secure electronic payment systems such as OneTab are set to become more attractive to businesses as regulatory changes ending the use of signatures on credit cards come into effect this year.

Mr Carnegie said he was enthusiastic about working with OneTab to provide strategic support and assist in the company's growth.

Source:  The Australian - 20 May 2014