TAMPA,
Fla., June 11, 2024 /PRNewswire/ -- Mad Mobile,
a pioneering force in restaurant and retail SaaS and payment
solutions, is pleased to announce the closure of a $50 million financing agreement. This funding,
managed by Morgan Stanley Expansion Capital and Bridge Bank, will
be strategically utilized to amplify the expansion of its SaaS and
payment technologies, refinance existing debts, and propel sales
growth.
Over the past two years, Mad Mobile has made substantial
technological investments that have strategically positioned the
company for growth. These advancements have enriched the product
offerings for restaurants and retailers, significantly enhancing
both customer experiences and operational efficiencies.
Bruce Bennett, CEO of Mad Mobile,
expressed enthusiasm about the partnership: "We are excited to
begin our collaboration with Morgan Stanley Expansion Capital and
Bridge Bank as we further broaden our reach into more restaurant
and retail markets."
Mad Mobile has seen significant growth, spurred by the
increasing need for mobile and flexible retail and restaurant
solutions. Offering a complete suite of modern point-of-sale
services including mobile POS, mobile ordering, self-checkout,
clienteling, mobile fulfillment, and contactless payment. Mad
Mobile processes ~$3B in payments,
annually. The company is a trusted partner for leading names in
mobility and enterprise software, such as Apple, Elo, Amazon, and
Salesforce.
Pete Chung, Managing Director at
Morgan Stanley Expansion Capital, remarked on the partnership: "We
are thrilled to support Mad Mobile's team as they embark on their
next phase of expansion and growth."
"We're excited to support Mad Mobile's expansion and their
commitment to providing innovative and cutting-edge solutions to
the restaurant and retail industry," added Blake Reid, senior director, in Bridge Bank's
Technology Banking Group.
About Mad Mobile
Mad Mobile is building the next generation of digital and mobile
experiences for more than 21,000 major restaurant and retail
locations globally. Mad Mobile owns and operates the CAKE
point-of-sale solution which was acquired from Sysco Corporation in
2020. The unique platform creates modern point-of-sale transactions
that reimagine how businesses connect with their customers. Top
customers include Ralph Lauren,
Tractor Supply, Texas Roadhouse, Ike's Love & Sandwiches,
Talbots, Miller's Ale House, Estee
Lauder, Signet Jewelers, Ann
Taylor, Brooks Brothers, Urban Outfitters, Snipes, West
Marine and Toastique. www.madmobile.com.
About Morgan Stanley Expansion Capital
Morgan Stanley Expansion Capital is the growth-focused private
investment platform within Morgan Stanley Investment Management.
Morgan Stanley Expansion Capital targets growth equity and credit
investments within consumer, technology, healthcare, and other
high-growth sectors. For over three decades, Morgan Stanley
Expansion Capital has successfully pursued growth investment
opportunities and has completed investments in over 200 companies,
leveraging the global brand and network of Morgan Stanley.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC,
delivers relationship banking that puts clients at the center of
everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a
full spectrum of tailored commercial banking solutions, as well as
specialized expertise focused on life sciences and technology and
innovation companies, at every stage in their life cycle, through
its offices in major tech hubs across the country. Bridge Bank also
serves the private equity and venture capital communities and
provides business escrow services. Bridge Bank is part of Western
Alliance Bancorporation, which has more than $70 billion in assets. Major accolades include
being ranked as a top U.S. bank in 2023 by American Banker and Bank
Director. As a regional bank with significant national
capabilities, Bridge Bank delivers the reach, resources and local
market expertise that make a difference for customers. For
more information, visit Bridge Bank.
Media Contact:
Greg Schmitzer
gschmitzer@madmobile.com
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/mad-mobile-secures-50-million-in-funding-from-morgan-stanley-expansion-capital-and-bridge-bank-302168935.html
SOURCE Mad Mobile, Inc.