Tacit Innovations, a graduate from Communitech’s third cohort last year, has announced $450,000 in seed funding from The Laurier Start-up Fund and angel investors. This brings its total funding to over $1.1. million as they raised $700,000 in funding from BDC, Canrock, Hyperdrive and a group of unknown private investors last February.
The Toronto-based company developed a mobile platform called meagan, previously named RestoLinkx, that allows restaurant customers to discover, browse, order and pay for their meals from their smartphone (available on Android, BlackBerry and iPhone). Tacit has signed up three restaurants in Ontario to use their platform: Bauer Kitchen in Waterloo, Magic Oven in Toronto and Imbibe in Kitchener.
This latest investment will be used to expand into other regions, continue developing its platform, establish partnerships with other Point of Sales organizations and suppliers within the Hospitality industry.
Dr. Brian Smith, BMO Financial Group Professor of Entrepreneurial Finance, Wilfrid Laurier University, said, “Given the competitiveness of their platform and the interest of point of sale sellers in it, we anticipate that this funding round will enable Tacit Innovations to increase market adoption.”