Our team has been working nonstop for the past three years to produce a product of the highest caliber while making this technology available to everyone. This fundraising effort in this area not only demonstrates the tenacity of our team but also highlights how important and wanted cryptocurrencies are in Africa.
Since the latest capital raising, Yellow Card has opened operations in four additional African nations: Gabon, Senegal, Rwanda, and the Democratic Republic of the Congo, claims the cryptocurrency trading platform. With this, there are now 16 African nations where Yellow Card conducts business.
Partner at Polychain Capital Will Wolf, for his part, praised the Yellow Card team for its flexibility in responding to “the special opportunities and demands of the various African markets.”
The Miami Dolphins and the University of Washington are two of the six sports organizations that Cheq is actively working with. Traditional point-of-sale terminals and stadium self-service kiosks both employ the company’s software.
About 100 restaurants collaborate with Cheq. More than 100,000 individuals actively use its app each month.
Cheq CEO Thomas Lapham said that the software generates an average of $120 in gratuities every game for each vendor and raises vendor sales by 28% on average per order.
It’s hardly a novel idea to bring ordering technology to restaurants and stadiums. Yorder, SnagMobile, and Bypass were firms that sought to introduce in-seat delivery to sporting events in 2013. However, according to Fortune, only one of those three firms was still operating in 2015. Bypass, the lone exception, evolved into Clover Sport . The Miami Heat, Tampa Bay Buccaneers, and University of Alabama are just a few of the organizations to which the company now offers their ordering gear.
Additionally, big players have attempted to master stadium food ordering. The New York Yankees and Mastercard’s QkR collaborated to offer in-seat delivery in a few zones in 2013. Meanwhile, Postmates collaborated with the New York Yankees and Los Angeles Dodgers to enable pre-ordering.
Cheq competes with well-known POS system suppliers like Square, Toast, and Clover in the restaurant industry. Customers will be lured to the app’s user experience and social features, according to Lapham, while suppliers will favor the company’s subscription-based pricing plan, allowing Cheq to stand out from the competition.
Lapham, a former CEO and board advisor of Asia Clean Capital, a Chinese solar panel maker, launched 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, a former Independent Sports and Entertainment CRO; and Chief Business Officer Jonathan Macey, a co-founder of the London-based startup Evolotu, which modified high-end vehicles. The company had secured $5.4 million in a seed round. It was headed by the WestRiver Group Technology Fund, with Harvard Yard Ventures and other investors also taking part. The corporation withheld its most recent valuation.
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