Paytronix raises $10M to boost restaurant digital ordering tools during pandemic
Paytronix, whose technology enables mobile payments and ordering at restaurants, has received $10 million in funding to help support increased demand for its services through the pandemic.
The funding, led by Great Hill Partners, situates Paytronix to continue rapidly developing and rolling out tools for restaurants and other merchants to shift ordering and payment to contactless and mobile channels, according to a Tuesday press release.
Paytronix will use the funds to drive expansion of its Rapid-Launch Order & Delivery service that can be installed within two weeks, enabling online ordering and payment for pickup or delivery within two weeks, the release said. Paytronix also will use the funds to expand contactless payments technology that links to a restaurant’s loyalty program.
“The funding is designed to ensure that our tools will help our clients get through this crisis,” said Andrew Robbins, Paytronix’s CEO, in the release, noting that many prospective restaurants are experiencing dramatic revenue declines.
“We believe the Paytronix team has a great vision for the future and is building products that will help operators navigate through these trying times,” said Nick Cayer, a partner at Great Hill Partners, in the release.
The funding round also included investments from company principals, with expanded credit from Silicon Valley Bank, the release said. With the latest influx, Newton, Mass.-based Paytronix has raised about $75 million from various funding rounds since its launch in 2001.