CHEQ, the Social Payments Platform, Raises $8M in Series Seed Funding Led by WestRiver Group
CHEQ will use the funds to onboard more venues, allowing users to send food and drinks to each other at a variety of restaurants, bars, hotels, and stadiums in key markets around the country.
KIRKLAND, Wash., Sept. 21, 2022 /PRNewswire/ — CHEQ, Lifestyle Technology, Inc. (“CHEQ”), the first mobile payments platform for the restaurant and hospitality industry to enable social purchasing and gifting, allowing users to pay for and send drinks to one another for on-premise consumption has raised $8M in Seed funding led by WestRiver Group with participation from Harvard’s Yard Ventures, Flamingo Capital, and other investors.
Since its inception in 2021, CHEQ has achieved rapid growth through long-term agreements with professional sports teams in key geographies, significantly increasing its market awareness and ability to attract and onboard new users, restaurants and other venues. To date, CHEQ has signed agreements with the Miami Marlins, Miami Dolphins, Washington Commanders, Tennessee Titans, and University of Washington Huskies.
“We’ve been inspired by the stories of how users are engaging creatively with the social purchasing and gifting features of CHEQ. Friends sending a beverage remotely for a birthday, parents sending their college student a latte to help study for finals, or a bachelorette receiving presents from her friends who couldn’t attend the party – the variety of use cases has exceeded our expectations. This validates our mission of creating a more engaging consumer experience built around the commonality of sharing a human connection with people you care about when you can’t be there in person” said CHEQ’s CEO, Thomas Lapham
In addition to social purchasing and gifting, the CHEQ platform handles all forms of on-premise payments, including mobile, self-service kiosks, and traditional point of sale (POS) terminals as well as the backend payment processing. Venues are empowered with the option to choose any combination of offerings and configure a solution that fits their needs. “We believe operators know best how to run their businesses, and our job is providing a superior payments platform that makes their job easier and delivers meaningful ROI. This approach is resonating across the industry and has been a key driver of growth for us” said CHEQ’s Chief Revenue Officer, Jake Stone. “Our milestone partnership with Pepsi further accelerates this trend,” he continued.
“CHEQ was built from the ground up to address the significant limitations of traditional mobile payment and legacy POS solutions.” said Anthony Bontrager, Managing Director at WestRiver Group and CHEQ board member. “The ability for sports teams, restaurants and other venues to interact with their consumers before and after their visit creates a unique engagement dynamic previously unavailable and enhances the overall experience for the consumer. We are thrilled to lead this investment round and excited at the multitude of opportunities ahead as CHEQ continues its rollout in key markets across the US.”
CHEQ is the world’s first social payments platform, connecting consumers and businesses to create frictionless, amazing in-person experiences. CHEQ’s universal ordering and payment app can be used by any restaurant, café, bar, or stadium to make transactions fun, easy, and worry- free. Users can even send food and drinks directly to their friends from anywhere in the world. CHEQ lets venues retain their unique branding within the app and keep their direct relationships with their guests.
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SOURCE CHEQ, Inc.
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