Lavu Closes $15 Million Investment With Aldrich Capital Partners to Accelerate US and Global Market Expansion of Award Winning mPOS System
Lavu Inc. announces acceptance of largest Series A funding in New Mexico history and looks to aggressively expand their market share in the coming months.
PR Newswire – Albuquerque, NM, June 15, 2015 – Lavu Inc., a leader in the SaaS mobile point of sale industry, announced it has raised $15 million in a Series A funding with Aldrich Capital Partners leading the investment. Partner Mirza Baig will be joining Lavu’s Board of Directors. Lavu’s point of sale software is currently used globally by over 4,000 locations with over 10,000 active terminals.
“Lavu is a best-of-breed solution in the mobile POS space. Lavu lets restaurants take control of their operations by providing front of house and back of house functionality,” said Baig, partner at Aldrich Capital. “Restaurants need a POS player totally focused on their needs and Lavu provides a tailored solution for restaurant workflows. We believe Lavu is well positioned to continue scaling its solution to help restaurants run more efficiently and more profitably.”
Throughout 2015, Lavu has continued their aggressive growth trajectory including many notable accomplishments:
- 59% growth in recurring revenues year over year, including 51% in Q1 of 2015
- Integration with LoyalTree, PayPal, and EMV chips
- Launch of Lavu 3.0, the new flagship product offering features such as offline mode and a custom loyalty and rewards program.
Lavu plans to utilize the investment funds to expand its product line and open satellite offices in major cities on both coasts. An aggressive approach to sales and marketing will drive growth in its global market leadership.
“Lavu is excited to partner with Aldrich Capital Partners. Mirza Baig brings a wealth of knowledge to the team having helped scale numerous high-growth technology companies during the course of his career at Aldrich Capital, AOL and other companies he co-founded,” said Andy Lim, CEO and Co-Founder of Lavu. “We continue to execute on our strategy and vision following a remarkable 2014, as the market seeks new solutions for mPOS.”
About Lavu Inc.
Founded in Albuquerque, NM and operating worldwide Lavu Inc. was created to solve point of sale difficulties and to bring the restaurant industry into the 21st century. Lavu Inc. offers full-featured point of sale software solutions at a fair price while redefining the approach to service-industry business management.