With his stadium delivery network, a Seattle entrepreneur hopes to drive peanut-throwing merchants out of their trade
Our team has been working tirelessly for three years to produce a product of the highest caliber while making this technology accessible to everyone. This fundraising effort in this area not only demonstrates the tenacity of our team, but also highlights how important and sought after cryptocurrencies are in Africa.
Since the last fundraising, Yellow Card has opened operations in four other African countries: Gabon, Senegal, Rwanda and the Democratic Republic of Congo, claims the cryptocurrency trading platform. With that, there are now 16 African countries where Yellow Card does business.
Polychain Capital partner Will Wolf, for his part, praised the Yellow Card team for their flexibility in responding to “the particular opportunities and demands of different African markets.”
The Miami Dolphins and the University of Washington are two of six sports organizations Cheq actively works with. Traditional point-of-sale terminals and self-service stadium kiosks both use the company’s software.
Around 100 restaurants work with Cheq. More than 100,000 people actively use its app every month.
Cheq CEO Thomas Lapham said the software generates an average of $120 in tips every game for each vendor and increases vendor sales by an average of 28% per order.
It’s not a new idea to bring ordering technology to restaurants and stadiums. Yorder, SnagMobile and Bypass were companies that were looking to introduce on-site delivery at sporting events in 2013. However, according to Fortune, only one of these three companies was still in operation in 2015. Bypass, the only exception, became Clover Sport. . The Miami Heat, Tampa Bay Buccaneers, and the University of Alabama are just a few of the organizations the company now offers its command equipment to.
In addition, big players have tried to master ordering food in stadiums. Mastercard’s New York Yankees and QkR worked together to offer on-site delivery in a few areas in 2013. In the meantime, Postmates worked with the New York Yankees and Los Angeles Dodgers to enable pre-ordering.
Cheq competes with well-known POS system providers such as Square, Toast, and Clover in the restaurant industry. Customers will be drawn to the app’s user experience and social features, according to Lapham, while vendors will favor the company’s subscription-based pricing plan, setting Cheq apart from the competition.
Lapham, a former CEO and adviser to the board of directors of Asia Clean Capital, a Chinese solar panel maker, started the 47-person company. He is joined by three other executives: Chief Technology Officer Jim Castillo, a former OpenTable software engineering leader; chief revenue officer Jake Stone, former freelance sports and entertainment CRO; and commercial director Jonathan Macey, co-founder of London-based startup Evolotu, which has modified high-end vehicles. The company had secured $5.4 million in a funding round. It was led by the WestRiver Group Technology Fund, which also included Harvard Yard Ventures and other investors. The company retained its most recent valuation.
Summary of news:
- With his stadium delivery network, a Seattle entrepreneur hopes to drive peanut-throwing merchants out of their trade
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