Restaurant tech startup bags pre-seed for easy expenses tool

 Restaurant tech startup bags pre-seed for easy expenses tool

Toronto-based restaurant tech startup, Tab Commerce, has secured US$1 million in pre-seed funding. The company is supporting restaurants in operating more efficiently and cost-effectively, especially during this period of high inflation. The funding round was raised via a simple agreement for future equity (SAFE) from US-based Matchstick Ventures. This brings Tab Commerce’s total funding to US$1.25M, including US$250K from Mucker Capital and other angels from early 2022.

Many restaurants currently manage expenses in a highly manual and inefficient way, spending extensive amounts of time compiling and organizing various PDFs and paper invoices. This process often leaves them with poor visibility into their expenses and the prices they pay for goods and services.

Tab Commerce seeks to address this challenge by simplifying expense management for restaurants through automated software that consolidates invoices, thus reducing the administrative burden on restaurant managers. Additionally, the software provides restaurant managers with access to expense data and insights into restaurant costs.

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Restaurant tech startup, Tab Commerce, comes out of beta to win the market

With this news, Tab comes out of its beta, which began in November 2022, and launches its whole platform. Throughout the five-month beta period, Tab assisted dozens of restaurants in better controlling millions of dollars of expenses. These restaurants expenses include those for labour, equipment repairs, food & beverage purchases, technology subscriptions, and more.

Ty Wilson, co-founder of Tab Commerce, teamed up with Sam Unterman, who has experience at Canadian tech startups like Boast.AI, Planswell, and Finaeo, to tackle this issue. Tab Commerce, previously known as SquareMarket, serves several dozen restaurants across Ontario, including Boxcar Social and Beatrice Society Cafe.

Eventually, Tab aims to be the restaurant industry’s expense control and purchasing platform of choice. Its innovative automated capture, digestion, and deep analysis of restaurant spend provides a uniquely powerful and seamless product experience to restaurants. Moreover, the company believes that by capturing this data at scale, it can transform the US$500 billion restaurant purchasing market in favour of independent restaurants and restaurant groups.

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