TiPJAR, a tipping platform that is cashless, is returning to raise money once gain in a securities crowdfunding offering. TiPJAR has previously raised growth capital on Crowdcube in the past and is returning to the platform.
In 2021, TiPJAR raised £1.39 million from 1117 investors at a pre-money valuation of £11 million. The initial target was set a £400,000. An earlier round was held in 2019 when TiPJAR raised almost £650,o00 at a pre-money valuation of £6.5 million. TiPJAR states that it is seeking a minimum investment of £400,000 in equity via Crowdcube, which has already been raised from anchor investors. The pre-money value of the company has been set at £12.81 million.
TiPJAR was co-founded by Brewdog Managing Director James Brown and is designed for the hospitality industry, helping staff earn more tips.
The other co-founder and CEO Ben Thomas, commented:
“In just 3 years, we have identified, defined, and now lead a new market: a digital architecture to get tips from customers straight to staff. We’ve estimated the global tipping market to be worth a combined $100bn/year. We’re the world’s 1st multi-currency, scalable cashless tipping solution supporting recruitment and retention in hospitality and service businesses, during one of the most severe talent crises the sector has faced. We help turn tips into an on-demand income stream – putting the ownership of tipping back in the hands of workers.”
TiPJAR reports having processed over £4 million in tips with over 200,000 users interacting with the platform across multiple countries and currencies.
Brown added that they believe they are the only solution that allows aggregation of tips from almost any source, including card machines, dedicated hardware and pay-at-table apps.
TiPJAR say it has now launched in over 2000 venues across 5 countries and plans to use the funds raised to further invest in its rapid growth and expansion. Additionally, TiPJAR aims to provide users with neo-banking features like pre-paid bank cards, savings pots, and small loans.
Current backers include Honest Burger Co-Founders Phil Eeles and Tom Barton, Monzo Co-Founder Gary Dolman, Wireless Social CEO Julian Ross, plus a host of other industry experts who back the vision of bringing transparency and staff control over tips via TiPJAR’s unique platform.
TiPJAR is currently accepting registrations for pre-launch opportunities.
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