Company that gets a big valuation in latest funding round.
Revel Systems, a company that sells an iPad point of sale register to merchants, is taking on a new investor to help it expand overseas.
Revel said today that it has raised an additional $13.5 million from Roth Capital Partners as part of its Series C funding, which now totals $110 million. The investment values the company at more the $500 million, up from $400 million in the previous round.
Revel has developed a point of sale system that lets merchants accept credit cards through hardware that connects to iPads. The system differs from competitor Square in that its varies based on the type of merchant.
For example, Revel sells hardware and software that lets movie theaters to print out tickets for customers. The company also offers a product for grocery stores that integrates bar code scanning and weight.
The company says its point of sale systems are deployed in tens of thousands of locations across the United States and internationally, and that it is adding 1000 new iPad terminals monthly. In contrast, Square, which was most recently valued at $6 billion, says it serves millions of small and medium sized businesses.
While Square may have a larger reach, Revel said it has also received an investment from Intuit, the tax and accounting software company, which participated in the Series C round. Revel says it has a strategic relationship with Apple to let more businesses to use iPads (Square also worked with Apple to develop its Apple Pay-enabled point of sale hardware).
Another differentiator, says co-founder Christopher Ciabarra, is that Revel’s point of sale system can operate without Wi-Fi and instead connect online via Ethernet. The option is geared to merchants that don’t have Wi-Fi.
Ciabarra adds that the company will likely raise one more round of funding before exploring an IPO. The company said revenue is growing 100% year over year, but declined to comment further on exact numbers.
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