The investment round was announced earlier this month, with TiPJAR intending to use the funds to further expand its presence globally.
At the time of writing TiPJAR had raised £1,010,654 from 828 investors, with over a week of funding time still left on their pitch.
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.
The pre-money enterprise value for investment is £11m.
Since its last raise 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.
"This raise will turbo-boost our huge vision, and help us fulfil TiPJAR’s potential to bring fair and transparent cashless tipping to the world," says Ben Thomas, CEO of TiPJAR.
"These funds will really give us more growth capital and enable us to invest more into our US Team as well as turbo charge our trajectory for expansion across the globe.”
Brown adds that the results of the raise proves that the world is changing its perception of the industry, and 'finally seeing the desperate need for transparency surrounding tips'.
"Our dedication to this cause is why so many have already chosen to invest in our business," he says.
"I couldn’t be more proud of all that Ben and the TiPJAR team members in the UK, US and EU have achieved in such a short space of time."
