TiPJAR receives 'significant investment' following rapid growth
In total, the group’s investment equates to a 4% ownership in TiPJAR, with Bocca becoming director of the business.
At the same time, TiPJAR recently begun a crowdfunding campaign via Crowdcube to raise £300,000 to support the next stage in its growth.
The target was hit within two days, and the platform says it is now '150% overfunded' with weeks still remaining on the crowdfund.
Launched last year by BrewDog retail director James Brown and Rosa’s Thai co-founder Alex Moore, TiPJAR is designed as a peer-to-peer tipping system where customers can transfer gratuity to staff members directly via contactless payment.
Having begun rolling out to restaurants in September last year, TiPJAR says it has seen a 'huge rise in growth' in recent months, which it equates primarily to restaurants looking for alternatives to service charge in order to support staff as a result of the Coronavirus crisis, coupled with a decline in cash use.
To date more than 3,000 professionals and 250 restaurants UK-wide are now using TiPJAR’s software, which has processed over 17,000 transactions since March this year.
Restaurant groups currently using the cashless tipping system across their respective estates include Honest Burgers, Slim Chickens, Pizza Pilgrims and BrewDog.
“We designed TiPJAR to help hospitality staff earn more, bring transparency to the world of tipping and help businesses deal with the increasingly challenging administration of managing and distributing tips," says Brown.
"It has been an exciting journey so far and the opportunity to work with Simon on the next stage of our growth and have his wealth of experience was one we had to grab with both hands.”
The business now has plans to bring its software to a wider market that includes Europe and the US.
“When we first met James, Alex and the team we knew that they were on to something, staff and consumers want transparency and fairness in the brands and venues they frequent," says Bocca.
"TiPJAR and the team have developed a unique model that protects business from current and impending legislation but at the same time puts the staff firmly in control of their tips and gives the transaction level visibility.
"I am excited to join the passionate team and help them shape the business for the coming years.”
