Beat the Q Posse Group raises $5m

Beat the Q Posse Group will use a $5 million Series A funding round for product development, marketing and merchant acquisition.

The group comprises Posse, Beat the Q and E-Coffee Card. Westpac venture fund Reiventure and venture capital firm Exto Partners led the funding round.

Beat the Q Posse co-founder Rebekah Campbell said it was looking forward to launching new features such as group ordering and beacon-enabled table service.

In addition, the company plans to rebrand its application Beat the Q to Hey You from 10 August.

Users will get access to an upgraded app which combines the company’s three products. It will allow people to order food and drink items, pay, gain loyalty benefits and connect with storeowners.

According to co-founder Adam Theobald, the group is now processing over 40,000 food and drink orders every week and transacted $10 million on behalf of its cafes.

Beat the Q merged with Posse in October.

Last year the two businesses raised a combined $5 million from investors, including Silicon Valley venture capitalist Bill Tai, Google Maps co-founder Lars Rasmussen and Vocus Communications founder James Spencely.

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