Beat the Q bags $1M in funding to partially fund acquisition of Australian app eCoffeeCard
Mobile payment firm Beat the Q has secured $1 million from its second round of funding led by high-net worth investors.
The startup plans to use part of the new funds for the acquisition of a virtual loyalty card eCoffeeCard at an undisclosed price, according to BRW.
Last year, it closed its first funding which was led by Greg Wilkinson. Vocus Communications founder James Spenceley and ex-AFL star Leo Barry also participated in the round, the report detailed.
Beat the Q is a mobile app that lets people order and pay for their coffee while they wait for it. The app charges a certain amount to the cafe for every payment, but it is free to download and use by consumers. eCoffeeCard, on the other hand, is a free app that aggregates coffee loyalty cards in one place, the report explained.
Spenceley said of Beat the Q: "Mobile payments is an incredibly exciting space right now - the concept of having coins in your pocket will be quite foreign in 10-15 years. I also liked the problem it's solving right now - I get frustrated with ordering a drink and then waiting seven minutes. Finally it's as much about the team as the idea and I've found Adam to be a really impressive guy."
According to Beat the Q cofounder Adam Theobald, the startup is eyeing more acquisitions, growth, and international expansion in the future, BRW reported.