Tacit Innovations has closed a $450,000 seed funding round from the Laurier Startup Fund and angel investors.
The deal adds to the $700,000 raised in February from the founders, private investors, BDC Capital, Canrock, and Hyperdrive, bringing the total seed-stage funding round to $1.1 million.
Tacit will use the proceeds to develop its “maegan“ mobile platform, which allows customers to discover restaurants, browse menus, manage their orders and pay for their meals, according to the Canadian company.
The Toronto-based startup says it also will focus on additional growth in local markets and expansion in new markets through partnerships with point of sales businesses and other suppliers to the hospitality industry.
“Since launching the fund back in the fall of 2013, our student teams have done due diligence on many companies,” Dr. Brian Smith, BMO Financial Group Professor of Entrepreneurial Finance for Wilfrid Laurier University, said of the Laurier Startup Fund.
“Tacit Innovations is the first one that has been successful in meeting our criteria for funding,” he added. “Given the competitiveness of their platform and the interest of point of sale sellers in it, we anticipate that this funding round will enable Tacit Innovations to increase market adoption.”
Tacit Innovations is currently a member of IBM’s Catalyst program.