Westpac is leading a $5 million investment into coffee app startup Beat The Q. The bank’s Reinventure fund and VC firm Exto will join the startup’s angel investors Maitai founder Bill Tai, Yahoo CFO Ken Goldman and Google Maps co-founder Lars Rasmussen.
In 2014 Posse founder Rebekah Campbell and Beat the Q founder Adam Theobald merged their companies in the hope it would give them a better shot at breaking into the hospitality industry. The latest round of funding will be used to develop new products like beacon enabled table services, Campbell said. “There are so many ways technology can improve the way we discover, transact and interact with shops and we’re excited to be working with great partners such as Reinventure and Exto Partners to bring our vision to the world,” Campbell said.
Since the merger Theobald said the startup’s customer base has “tripled” in six months. “We’re now processing more than 40,000 food and drink orders every week, and have transacted $10M on behalf of our cafes,” he said. But later this month Beat the Q will be rebranded as Hey You. The new app will combine the company’s three products so users can order, pay, gain loyalty benefits and discover new venues in the same place.
Reinventure co-founder and MD Simon Cant said high user engagement was the key reason behind the decision to invest. “Based on the product vision and scaling plan, we believe that the integrated product will become an indispensable tool for Australian cafes and other merchants,” he said.