Dash secures $1.2M in seed funding round

By Nicel Jane Avellana

Feb 28, 2014 10:32 AM EST

New York City-based Dash has raised $1.2 million for its seed financing round, VentureBeat reported.

Proceeds from the latest round brought to $1.9 million the total funds the startup has raised so far. The round was participated in by current backers which included New York Angels, Caerus Ventures and Jonathan Segal. New investor Mike Germano, the Chief Executive Officer of Carrot Creative, also participated in the round, a statement about the funding said.

In the statement, Dash Co-Founder Jeff McGregor said, "The growth of the mobile payments industry is evident- and it's here. Pay with Dash provides a 360-degree mobile payments solution for both vendors and patrons. We've managed to streamline the process and seamlessly connect the consumer-facing app with the back-end app built for venue owners or managers, similar to the Uber app for their users and their drivers. With these new funds, we will be rapidly expanding our partner network in New York and hope to launch in several new cities before the end of the year."

Dash is a mobile payment platform that allows customers of dining places like restaurants, bars and clubs to view and pay their tab from their smartphone app called Pay with Dash. With the app, customers don't have to ask a waiter to give them the check or give their credit card, the report said.

McGregor told VentureBeat that Dash is thinking of bringing its app to new markets, beginning with Chicago. As of the moment, it is available in 15 restaurants in New York although 60 merchants are queuing to use the service, the report said.

Together with the fundraising, Dash also rolled out an iOS update for its app. It integrates "location-aware BLE" to check-in patrons automatically the moment they walk to an establishment. Moreover, it also has a stored credit system that enables users and restaurants to "pay with and offer credit that can be used towards any Dash tab," the statement said.

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