TiPJAR announces second Crowdcube raise
Founded by James Brown of BrewDog, and backed by Alex Moore of Rosa’s Thai Cafe, Gary Dolman of Monzo and Simon Bocca formerly of Fourth, TiPJAR says it is 'on a global mission to bring transparent and fair digital tipping to the hospitality industry'.
Through the platform, any tip paid by a customer digitally – either by card or smartphone – is equivalent to cash and is wholly owned by the staff themselves, by-passing the business and, therefore, the need to operate a tronc system.
TiPJAR is seeking a minimum investment of £400,000 on Crowdcube, which has already been achieved from the current suite of anchor investors and internal community.
The pre-money enterprise value for investment is £11m.
Since its last raise only 11 months ago, TiPJAR says it has more than doubled its initial investors share price.
The platform, which was cleared by HMRC earlier this year, has now launched in over 1,650 venues across four countries, and plans to use the funds raised to further expand into the US market where they have recently partnered with Visa to help workers who are earning less as cash payments decline.
"We have seen some incredible levels of traction both in Europe and the US, with 20,000 users now benefiting and collecting tips via our platform," says Ben Thomas, CEO of TiPJAR.
"We are excited to share our story so far with the Crowdcube community and raise funds to allow us to continue to develop our product road map, and open in new territories to deliver further growth."
TiPJAR is planning to go public with its raise on Crowdcube at 10am tomorrow (Thursday 5 August).
